Western Grass Inc.
Equity Section of Balance Sheet
December 31, 2017
Contributed capital:
Preferred shares, $5 cumulative, 10,000 shares authorized, issued and outstanding	$	125,000
Common shares, 100,000 shares authorized; 70,000 shares issued and outstanding		595,000
Total contributed capital	$	720,000
Retained earnings		611,000
Total equity	$	1,331,000

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.

	Book Value of Common Shares
a.
b.