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Problem 1: At fiscal year end, December 31, 2018, Somerset Corporation had total stockholders' equity of $3,400,000. On FY 2018 year end, Somerset Corporation had Common Stock account of $1,250,000 of $10 par value common stock and Preferred Stock account of $200,000 of $100 par value. There was no treasury stock. The preferred stock was noncumulative and had a call price of $105. Use this information to determine the book value per share of Common Stock as of end of the FY 2018
Financial Statement Analysis and Preparation
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