The following stockholders’ equity accounts arranged alphabetically are in the ledger of Rizzo Corporation at December 31, 2011.
Common Stock ($5 stated value) ........... $2,500,000
Paid-in Capital from Treasury Stock ............. 10,000
Paid-in Capital in Excess of Stated Value—Common Stock . 1,600,000
Paid-in Capital in Excess of Par Value—Preferred Stock ... 679,000
Preferred Stock (8%, $50 par, noncumulative) ....... 800,000
Retained Earnings .................. 1,448,000
Treasury Stock—Common (10,000 shares) ........ 130,000

Instructions
(a) Prepare a stockholders’ equity section at December 31, 2011.
(b) Compute the book value per share of the common stock, assuming the preferred stock has a call price of $60 per share.