E12-22 The balance sheet of Mark Todd Wireless, Inc., reported the following:

Price: $2.99


E12-22 Book value per share of common stock [0–15 min]
The balance sheet of Mark Todd Wireless, Inc., reported the following:

Preferred stock, 9%, $20 par, 1,300 shares authorized, issued and outstanding 26,000
Common stock, no-par value, 12,000 shares authorized, 5,300 shares issued 200,000
Retained earnings 50,000
Total stockholders’ equity $276,000

Assume that Todd has paid preferred dividends for the current year and all prior years (no dividends in arrears).

Requirement
1. Compute the book value per share of the common stock.