Smalley, Inc., has preferred and common stock outstanding as follows:

$5 preferred stock, 40,000 shares @ $100 par value	$	4,000,000
Common stock, 500,000 shares at $10 par value		5,000,000
Additional paid-in capital on common stock		800,000
Retained earnings		1,750,000

Calculate the book value on common stock, assuming preferred 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

$