The equity section of cyril corporation’s balance sheet shows the following. preferred stock—6% cumulative, $25 par value, 10,000 shares issued and outstanding $ 250,000 common stock—$8 par value, 100,000 shares issued and outstanding 800,000 retained earnings 535,000 total stockholders’ equity $ 1,585,000 this year's dividends on preferred stock have been paid. determine the book value per share of common stock under two separate situations. 1. no preferred dividends are in arrears. 2. three years of preferred dividends are in arrears.