From the following information, determine the book value per share for preferred and common stock assuming $14,400 of dividends are in arrears on the preferred stock.
Stockholders' Equity
Preferred 12% Stock cumulative and nonparticipating, $21 par value, $18 redemption value, 9,500 shares issued and outstanding......................................................................$199,500
Common Stock, $12 par value, 41,400 shares issued and outstanding........................496,800
Retained Earnings.......................................................................................79,000
Total Stockholders' Equity.........................................................................$775,300