The balance sheet of Moe Taylor, Inc., reported the following

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The balance sheet of Moe Taylor, Inc., reported the following:

Preferred stock, 7%, $30 par, 1,000 shares authorized, issued and outstanding 30,000
Common stock, no-par value, 11,000 shares authorized, 5,600 shares issued 226,000
Retained earnings 80,000
Total stockholders’ equity 336,000

Requirement

1. Compute the book value per share of Taylor’s preferred and common stock if three years’ preferred dividends (including dividends for the current year) are in arrears.