The partial trial balance for ABC Co. as at December 31, 20x2 is as follows:

20x2 20x1

Common shares $17,045,917 $15,500,000

Contributed Surplus - Stock Options 120,000 300,000

Retained earnings 4,736,776 4,650,000

There are 52,000 stock options which vested on December 31, 20x1 at an exercise price

of $31 per share. The exercise period for this plan started on Jan 1, 20x2 and ends on

December 31, 20x3.

There were 650,000 shares outstanding at the beginning of the year. No dividends were declared during the year. The net income for

the year was $850,000.

The following transactions took place in 20x2:

Mar 1: Issued 100,000 common shares for $400,000

May 31: Holders of stock options exercised their stock options

Sep 30: Repurchased and cancelled 30,000 shares

Question: How to calculate the book value per share immediately before the Sep 30 transaction?