Western Grass Inc.

Equity Section of Balance sheet

December $31,2023$

Contributed capital:

Preferred shares, $$3$ cumulative, $20,000$ shares authorized, issued and outstanding

Common shares, $100,000$ shares authorized; $80,000$ shares issued and

$$132,000$ outstanding

Total contributed capital

Retained earnings

Total equity

Required:

Using the information provided, calculate book value per common share assuming: $($Round the final answers to $2$ decimal places.$)$

a$.$ There are no dividends in arrears.

b$.$ There are three years of dividends in arrears.

$\backslash$table$[[,\backslash$table$[[$Book Value of$],[$Common$],[$Shares$]]],[$a$.,],[$b$.,]]$