The stockholders? equity of Hadley Company is as follows:

Given a redemption value of $108 per share for the preferred stock, calculate the book value per share of preferred and common stock, assuming the following:

1. No preferred dividends in arrears

2. Two years? preferred dividends in arrears

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Stockholders' Equity Paid-In Capital: Preferred 10% Stock, $9 par value, authorized 49,000 shares, cumulative and nonparticipating, 4,000 shares issued and outstanding $396,000 Paid-In Capital in Excess of Par Value–Preferred 49,000 Total Paid-In Capital by Preferred Stockholders $445,000 Common Stock, $54 parvalue, authorized 11,800 shares, 5,500 shares issued and outstanding $297,000 Paid-In Capital in Excess of Par Value–Common 59,000 Total Paid-In Capital by Common Stockholders 356,000 Total Paid-In Capital $801,000 Retained Earnings 159,000 Total Stockholders' Equity $960,000