Refer to Exercise 13-13. Compute the book value per share of the preferred shares and the common shares, assuming that four years of preferred dividends (including dividends for the current year) are in arrears. Assume the preferred shares are cumulative and their dividend rate is $7.00 per share.

Data from Exercise 13-13

The balance sheet of Nature’s Design Technology Inc. reported the following:
Cumulative preferred shares; 300 shares issued and outstanding,
liquidation value $15,000                                                                                             $ 15,000
Common shares; 25,000 shares issued and outstanding                                        187,500
Assume that Nature’s Design had paid preferred dividends for the current year and all prior years (no dividends in arrears). Retained earnings was $115,000.
Required Compute the book value per share of the preferred shares and the common shares.