Trask Corporation, a public company whose shares are traded in the over-the-counter market, had the following shareholders equity account balances at December 31, 2016:

Common stock	$	7,875,000
Additional paid-in capital (including stock options)		16,050,000
Retained earnings		16,445,000
Treasury common stock		750,000

Transactions during 2017 and other information relating to the shareholders equity accounts follow:

As of January 1, 2017, Trask had 4,000,000 authorized shares of $5 par-value common stock; it had issued 1,575,000 shares of which 75,000 were held in treasury.

On January 21, 2017, Trask issued 50,000 shares of $100 par value, 6% cumulative preferred stock at par in exchange for all of Rover Companys assets and liabilities. On that date, the net carrying amount of Rovers assets and liabilities equaled their fair values.

On January 22, 2017, Rover distributed the Trask shares to its stockholders in a complete liquidation and dissolution of Rover. Trask had 150,000 authorized shares of preferred stock.

On February 17, 2017, Trask formally retired 25,000 of 75,000 treasury common stock shares. The shares were originally issued at $15 per share and had been acquired on September 25, 2016, for $10 per share.

Trask owned 15,000 shares of Harbor Inc. common stock purchased in 2016 for $600,000. The Harbor stock shares are carried at fair value with price changes included in net income. On March 5, 2017, Trask declared a property dividend of one share of Harbor common stock for every 100 shares of Trask common stock held by a shareholder of record on April 16, 2017. Harbor stocks market price on March 5, 2017, was $60 per share. The property dividend was distributed on April 29, 2017.

On January 2, 2012, Trask granted stock options to employees to purchase 200,000 shares of the companys common stock at $12 per share, which was also the market price on that date. The options had a grant date fair value of $1.50 per share and are exercisable within a three-year period, beginning January 2, 2017. On June 1, 2017, employees exercised 150,000 options when the stocks market value was $25 per share. Trask issued new shares to settle the transaction.

On December 12, 2017, Trask declared the yearly cash dividend on preferred stock, payable on January 11, 2018, to shareholders of record on December 31, 2017.

On January 16, 2018, before the accounting records were closed for 2017, Trask learned that depreciation expense had been understated by $350,000 for the year ended December 31, 2016. The after-tax effect on 2016 net income was $245,000. The appropriate correcting entry to adjust January 1, 2017 retained earnings was recorded on the same day.

Net income for 2017 was $2,400,000.

Required:

Prepare a schedule to show how Trasks retained earnings changed from January 1, 2017, to December 31, 2017.

Trask Corp.
Statement of Retained Earnings
For the Year Ended December 31, 2017
Balance, December 31, 2016, as originally reported
Less: prior period adjustment for error
Income tax effect
As restated
Net income
Deduct dividends

Balance, December 31, 2017

Prepare the shareholders equity section of Trasks balance sheet at December 31, 2017.

Trask Corp.
Shareholders Equity Section of Balance Sheet
December 31, 2017
Total stockholders equity

Compute the book value per share of common stock at December 31, 2017. (Round your answer to 2 decimal places.)

Book value per share