Chapter 14, Problem 15PS

A11 analyst gathers the following information about Meyer, Inc.:

• Meyer has $\text{1,}000$ shares of $\text{8}\%$ cumulative preferred stock outstanding, with a par value of $\$\text{1}00$ and liquidation value of $\$\text{11}0$ .
• Meyer has $\text{2}0,000$ shares of common stock outstanding, with a par value of $\$\text{2}0$ .
• Meyer had retained earnings at the beginning of the year of $\$\text{5},000,000$ .
• Net income for the year was $\$\text{7}0,000$ .
• This year, for the first time in its history, Meyer Paid no dividends on preferred or common stock.

What is the book value per share of Meyer's common stock? $\left(\text{LO 14}-\text{1}\right)$