Book Value
Franks, Inc., has preferred and common stock outstanding as follows:
$5 preferred stock, 40,000 shares @ $100 par value | $4,000,000 |
Common stock, 500,000 shares at $10 par value | 5,000,000 |
Additional paid-in capital on common stock | 800,000 |
Retained earnings | 1,750,000 |
Calculate the book value on common stock, assuming preferred dividends are cumulative and are currently one year in arrears.
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