Testbank Multiple Choice Question 62

Information for Crane Company is given below:

Crane Company
Balance Sheet
December 31, 2021
Assets					Equities
Cash			$ 280000		Accounts payable				$ 625000
Accounts receivable (net)			1940000		Income taxes payable				185000
Inventories			2430000		Miscellaneous accrued payables				220000
Plant and equipment,					Bonds payable (8%, due 2023)				1800000
	net of depreciation		1980000		Preferred stock ($100 par, 6%
Patents			258000			cumulative nonparticipating)			740000
Other intangible assets			73000		Common stock (no par, 60,000
		Total Assets	$6961000			shares authorized, issued
						and outstanding)			1120000
					Retained earnings				2491000
					Treasury stock-1500 shares
						of preferred			(220000)
							Total Equities		$6961000
Crane Company
Income Statement
Year Ended December 31, 2021
		Net sales						$8500000
		Cost of goods sold						5500000
		Gross profit						3000000
		Operating expenses (including bond interest expense)						1400000
		Income before income taxes						1600000
		Income tax						430000
		Net income						$ 1170000

Additional information: There are no preferred dividends in arrears, the balances in the Accounts Receivable and Inventory accounts are unchanged from January 1, 2021, and there were no changes in the Bonds Payable, Preferred Stock, or Common Stock accounts during 2021. Assume that preferred dividends for the current year have not been declared. At December 31, 2021, the book value per share of common stock was