Problem $14-15($Algo$)$

An analyst gathers the following information about Meyer, Incorporated:

Meyer has $1,600$ shares of $8\%$ cumulative preferred stock outstanding, with a par value of $$100$ and liquidation value of $$110.$

Meyer has $24,000$ shares of common stock outstanding, with a par value of $$20.$

Meyer had retained earnings at the beginning of the year of $$5,300,000.$

Net income for the year was $$76,000.$

This year, for the first time in its history, Meyer paid no dividends on preferred or common stock.

Required:

a$.$ Calculate the total book value of Meyer's common stock.

Total book value

$

$5,667,200$

b$.$ What is the book value per share of Meyer's common stock? $($Round your answer to $2$ decimal places.$)$

Book value per share

$ $236\mathrm{.}13$An analyst gathers the following information about Meyer, Incorporated:

Meyer has $1,600$ shares of $8\%$ cumulative preferred stock outstanding, with a par value of $$100$ and liquidation value of $$110.$

Meyer has $24,000$ shares of common stock outstanding, with a par value of $$20.$

Meyer had retained earnings at the beginning of the year of $$5,300,000.$

Net income for the year was $$76,000.$

This year, for the first time in its history, Meyer paid no dividends on preferred or common stock.

Required:

a$.$ Calculate the total book value of Meyer's common stock.

b$.$ What is the book value per share of Meyer's common stock? $($Round your answer to $2$ decimal places.$)$