The equity section of Cyril Corporation's balance sheet shows the following:

Preferred stock---6% cumulative, $25 par value, $30 call price,

10,000 shares issued and outstanding.................................................................. $250,000

Common stock---$10 par value, 80,000 shares

issued and outstanding....................................................................................... 800,000

Retained earnings.............................................................................................. 535,000

Total stockholders' equity................................................................................... $1,585,000

Determine the book value per share of hte preferred and common stock under two seperate situations.

1. No preferred dividends are in arrears.

2. Three years of preferred dividends are in arrears.

Check: (1) Book value of common, $16.06 per share