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An analyst gathers the following information about Meyer, Inc.:
- Meyer has 1,300 shares of 10% cumulative preferred stock outstanding, with a par value of $100 and liquidation value of $110.
- Meyer has 24,000 shares of common stock outstanding, with a par value of $20.
- Meyer had retained earnings at the beginning of the year of $5,700,000.
- Net income for the year was $84,000.
- This year, for the first time in its history, Meyer paid no dividends on preferred or common stock.
a. Calculate the total book value of Meyer's common stock.
b. What is the book value per share of Meyer's common stock? (Round your answer to 2 decimal places.)
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