The stockholders' equity of Lock Company is as follows:

Given a redemption value of $104 per share for the preferred stock, calculate the book value per share of preferred and common stock, assuming the following:
a. No preferred dividends in arrears
b. Two years' preferred dividends in arrears

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Stockholders Equity Paid-In Capital: Preferred 10% Stock, $104 par value, authorized 53,000 shares, cumulative and nonparticipating, 4,000 shares issued and outstanding Paid-In Capital in Excess of Par Value-Preferred Total Paid-In Capital by Preferred Stockholders Common Stock, $48 par value, authorized 12,000 shares, 6,400 shares issued and outstanding Paid-In Capital in Excess of Par Value-Common Total Paid-In Capital by Common Stockholders $416,000 50,000 466,000 $307,200 56,000 363,200 $829,200 159,000 $988,200 Total Paid-In Capital Retained Earnings Total Stockholders' Equity