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If two years preferred dividends are in arrears what is the

Problem - Raphael Corporation's common stock is currently selling on a stock exchange at $169 per share, and its current balance sheet shows the following stockholders' equity section:

Preferred stock-5% cumulative, $__ par value, 1,000 shares authorized, issued, and outstanding - $70,000

Common stock - $__ par value, 4,000 shares authorized, issued, and outstanding - 180,000

Retained earnings - 310,000

Total stockholders'equity - $ 560,000

If two years' preferred dividends are in arrears, what is the book value per share of common stock?

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