* Your answer is incorrect. At December 31, Cullumber Corporation has total stockholders' equity of $3,900,000. Included in this total are preferred stock $600,000 and paid-in capital in excess of par-preferred stock $58,300. There are 12,000 shares of $50 par value, 6% cumulative preferred stock outstanding. At year-end, 240.000 shares of common stock are outstanding. Compute the book value per share of common stock under each of the following assumptions. (Round answers to 2 decimal places, e.g. 15.25.) (a) There are no preferred dividends in arrears. (b) Preferred dividends are one year in arrears. (a) Book value per share 22.5 S (b) 13.5