Smalley Company has preference and ordinary shares outstanding as follows: $5 preference shares, 40,000 shares @ $100 par value $ 4,000,000 Ordinary shares, 500,000 shares at $10 par value 5,000,000 Share premium on ordinary shares 800,000 Retained earnings 1,750,000 Calculate the book value on ordinary shares, assuming preference dividends are cumulative and are currently one year in arrears. (Round your answer to 2 decimal places. Omit the "$" sign in your response.) Book value 12