The stockholders equity section of Montel Company's balance sheet follows. The preferred stock's call price is $ 40. Determine the book value per share of the common stock.
Preferred stock 5% cumulative, $ 10 par value,
20,000 shares authorized, issued and outstanding . . . . . . . . $ 200,000
Common stock $ 5 par value, 200,000 shares authorized, 150,000 shares issued and outstanding . . . . . . . . . . . . . . . 750,000
Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 900,000
Total stockholder's equity . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,850,000