Sheffield Inc. began operations in January 2015 and reported the following results for each of its 3 years of operations.

2015 $249,000 net loss 2016 $42,000 net loss 2017 $743,000 net income

At December 31, 2017, Sheffield Inc. capital accounts were as follows.

8% cumulative preferred stock, par value $100; authorized, issued, and outstanding 5,300 shares

$530,000

Common stock, par value $1.00; authorized 1,000,000 shares; issued and outstanding 780,000 shares

$780,000

Sheffield Inc. has never paid a cash or stock dividend. There has been no change in the capital accounts since Sheffield began operations. The state law permits dividends only from retained earnings.

(a) Compute the book value of the common stock at December 31, 2017. (Round answers to 2 decimal places, e.g. $38.50.)

Book value per share $ ?

(b) Compute the book value of the common stock at December 31, 2017, assuming that the preferred stock has a liquidating value of $105 per share. (Round answers to 2 decimal places, e.g. $38.50.)

Book value per share $ ?