From the following information determine the book value for preferred and common stock assuming $26,000 of dividends are in arrears on the preferred stock.
Stockholders’ Equity
Preferred 9% Stock cumulative and nonparticipating, $24 par value,
$20 redemption value, 13,000 shares issued and outstanding .......$312,000
Common Stock, $12 par value, 40,000 shares issued and outstanding .......480,000
Retained Earnings ...........................94,000
Total Stockholders’ Equity .....................$886,000