The following stockholders’ equity accounts arranged alphabetically are in the ledger of McGrath Corporation at December 31, 2011.
Common Stock ($10 stated value) ........... $1,500,000
Paid-in Capital from Treasury Stock ............ 6,000
Paid-in Capital in Excess of Stated Value—Common Stock . 690,000
Paid-in Capital in Excess of Par Value—Preferred Stock ... 288,400
Preferred Stock (8%, $100 par, noncumulative) ...... 400,000
Retained Earnings ................... 776,000
Treasury Stock—Common (8,000 shares) ......... 88,000

Instructions
(a) Prepare a stockholders’ equity section at December 31, 2011.
(b) Compute the book value per share of the common stock, assuming the preferred stock has a call price of $110 per share.