The equity section of Cyril Corporation's balance sheet shows the following. Preferred stock 4% cumulative, $15 par value, 10,000 shares issued and outstanding Common stock-$10 par value, 45,000 shares issued and outstanding Retained earnings Total stockholders' equity $ 150,000 450,000 267,500 $ 867,500 Determine the book value per share of common stock under two separate situations 1. No preferred dividends are in arrears at the current date. 2. Three years of preferred dividends are in arrears at the current date