Western Grass Inc.

Equity Section of Balance Sheet

December $31,2023$

Contributed capital:

Preferred shares, $$3$ cumulative, $20,000$ shares authorized, issued and outstanding $ $132,000$

Common shares, $100,000$ shares authorized; $80,000$ shares issued and outstanding $496,000$

Total contributed capital $ $628,000$

Retained earnings $585,000$

Total equity $ $1,213,000$

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.