Smalley Company has preference and ordinary shares outstanding as follows: $5 preference shares, 40,000 shares @ $100 par value Ordinary shares, 500,000 shares at $10 par value Share premium on ordinary shares Retained earnings $ 4,000,000 5,000,000 800,000 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 "S" sign in your response.) Book value $