The stockholders' equity of Franklin Company is as follows:

Given a redemption value of $109 per share for the preferred stock, calculate the book value per share of preferred and common stock, assuming the following:
a. No preferred dividends in arrears
b. Two years' preferred dividends in arrears

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Stockholders Equity Paid-In Capital: Preferred 10% Stock, $95 par value, authorized 51,000 shares, cumulative and nonparticipating, 3,900 shares issued and outstanding Paid-In Capital in Excess of Par Value-Preferred Total Paid-In Capital by Preferred Stockholders Common Stock, $45 par value, authorized 11,400 shares, 6,000 shares issued and outstanding Paid-In Capital in Excess of Par Value-Common Total Paid-In Capital by Common Stockholders $370,500 3,000 $423,500 $270,000 62,000 332,000 $755,500 161,000 $916,500 Total Paid-In Capital Retained Earnings Total Stockholders' Equity