The shareholder's equity section of ABC Co. Ltd. at December 31, 2003 is as follows: Share capital: Preferred, 59, cumulative, callable at $106 each 200,000 shares authorized, 100.000 shares issued and outstanding $10,000,000 Common, no par value, 100,000 shares authorized, 50,000 shares issued and outstanding 200.000 10,200,000 3,000,000 Retained earnings Total shareholder's equity $13.200.000 Other information: The company was incorporated on January 1, 2002. On January 1, 2002 the share capital consisted of 50,000 preferred shares. On January 1, 2003 50,000 more preferred shares were issued. On July 1, 2003, 25,000 common shares were issued. On December 1, 2003, the company declared and issued a two-for-one common stock split. Retained earnings had a value of $2,000,000 at December 31, 2002. No dividends were declared in 2002, and in 2003, the company declared and paid total dividends of $50,000. REQUIRED 1. Calculate the book value of the common shares at December 31, 2003 (8 marks) 2. Calculate the earnings per share of the common shares for 2003 (12 marks)