The balance sheet of Phalanx Sports Corp. reported the following: Cumulative preferred shares; 550 shares issued and outstanding, liquidation value $18,000 $18,000 Common shares; 26,000 shares issued and outstanding 205,000 Retained earnings was $120000. Compute the book value per share of the preferred shares and the common shares, assuming that four years of preferred dividends (including dividends for the current year) are in arrears. Assume the preferred shares are cumulative and their dividend rate is $8.50 per share