The equity section of Cyril Corporations balance sheet shows the following:

Preferred stock4% cumulative, $20 par value, 10,000 shares issued and outstanding	$	200,000
Common stock$10 par value, 35,000 shares issued and outstanding		350,000
Retained earnings		267,500
Total stockholders equity	$	817,500

This year's dividends on preferred stock have been paid. Determine the book value per share of common stock under two separate situations. 1. No preferred dividends are in arrears. 2. Three years of preferred dividends are in arrears.