In a recent year, the stockholders' equity section of the Aluminum Company of America (Alcoa) showed the following (in alphabetical order): Additional (paid-in) Capital \(\$ 680.5\), Common stock \(\$ 88.3\), Preferred stock \(\$ 66.0\), and Retained earnings \(\$ 3,750.2\). All dollar data are in millions.

The preferred stock has 660,000 shares authorized with a par value of \(\$ 100\) and an annual \(\$ 3.75\) per share cumulative dividend preference. At December 31, all authorized preferred stock is issued and outstanding. There are 300 million shares of \(\$ 1\) par value common stock authorized of which 88.3 million are outstanding at December 31.

\section*{Instructions}

(a) Prepare the stockholders' equity section, including disclosure of all relevant data.

(b) Compute the book value per share of common stock, assuming there are no preferred dividends in arrears. (Round to two decimals.)