Essentials of Investments (The Mcgraw-hill/Irwin Series in Finance, Insurance, and Real Estate)
Essentials of Investments (The Mcgraw-hill/Irwin Series in Finance, Insurance, and Real Estate)
10th Edition
ISBN: 9780077835422
Author: Zvi Bodie Professor, Alex Kane, Alan J. Marcus Professor
Publisher: McGraw-Hill Education
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Chapter 14, Problem 15PS

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

  • Meyer has 1, 000 shares of 8 % cumulative preferred stock outstanding, with a par value of $ 1 00 and liquidation value of $ 11 0 .
  • Meyer has 2 0 , 000 shares of common stock outstanding, with a par value of $ 2 0 .
  • Meyer had retained earnings at the beginning of the year of $ 5 , 000 , 000 .
  • Net income for the year was $ 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? LO 14 1

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