Coronet Corp.has total stockholders' equity of $7,400,000.The company's outstanding capital stock includes 100,000 shares of $10 par value common stock and 20,000 shares of 6%,$100 par value preferred stock.(No dividends are in arrears. )The book value per share of common stock is:

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Total stockholders' equity = $7,400,000 
Number of outstanding common shares = 100,000 
Par value per common share = $10 
Number of outstanding preferred shares = 20,000 
Par value per preferred share = $100 
Preferred stock does not have any dividends in arrears. 
Total preferred stock value = 20,000 x $100 = $2,000,000 
Remaining stockholders' equity for common stock = $7,400,000 - $2,000,000 = $5,400,000 
Book value per share of common stock = Remaining stockholders' equity for common stock / Number of outstanding common shares 
= $5,400,000 / 100,000 
= $54