Western Grass Inc. Equity Section of Balance Sheet December 31, 2020 Contributed capital: Preferred shares, $4 cumulative, 15,000 shares authorized, issued and outstanding Common shares, 100,000 shares authorized; 70,000 shares issued and outstanding Total contributed capital Retained earnings Total equity $ 162,000 490,000 $ 652,000 539,000 $1,191,000 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