The stockholders’ equity section of Axel Company’s balance sheet follows. The preferred stock’s call price is $30. Determine the book value per share of the common stock.
Preferred stock—5% cumulative, $10 par value,
10,000 shares authorized, issued and outstanding . . . . . . . . . . . . $100,000
Common stock—$5 par value, 100,000 shares
authorized, 75,000 shares issued and outstanding . . . . . . . . . . . . . .375,000
Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 445,000
Total stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $920,000