TASK: Cleveland Company reports the following information as of 12/31/2012:
-10% cumulative preferred stock, par value $100, One-year of dividends in arrears; 20,000 shares authorized; issued, 10,000 shares; $1,000,000
-Common stock - authorized 500,000; 40,000 outstanding; $2 par value - $80,000
Additional paid-in-capital - $450,000
-Retained Earnings - $2,000,000
I) The book value per share of common stock is:
A) $57.75
B) $60.25
C) $60.75
D) $63.25
II) The book value per share of preferred stock is:
A) $ 100
B) $ 110
C) $ 112
D) $ 116