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At fiscal year end, December 31, 2018, Somerset Corporation had total stockholders' equity of $2,600,000....

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Accounting

At fiscal year end, December 31, 2018, Somerset Corporation had total stockholders' equity of $2,600,000. On FY 2018 year end, Somerset Corporation had Common Stock account of $1,800,000 of $10 par value common stock and Preferred Stock account of $100,000 of $100 par value stock. There was no treasury stock. The preferred stock was noncumulative and non-callable. Use this information to determine the book value per share of Common Stock as of end of the FY 2018: (Round your answer to the nearest penny.)

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