Given is the Income Statement for the year ended December 31, 20XX, Statement of Retained Earnings for the year ended December 31, 20XX, and Comparative Balance Sheets for 20XW and 20XX of Maris Corporation:
Maris Corporation
Income Statement
Year Ended December 31, 20XX
Sales: $3,500,000
Cost of goods sold: $2,025,000
Gross profits: $1,475,000
Selling and administrative expense: $510,000
Amortization expense: $310,000
Operating income: $655,000
Interest expense: $40,000
Earnings before taxes: $615,000
Taxes: $410,000
Earnings after taxes: $205,000
Preferred stock dividends: $30,000
Earnings available to common shareholders: $175,000
Shares outstanding: 87,500
Earnings per share: $2.00
Statement of Retained Earnings
For the Year Ended December 31, 20XX
Retained earnings, balance, January 1, 20XX: $840,000
Add: Earnings available to common shareholders, 20XX: $175,000
Deduct: Cash dividends declared and paid in 20XX: $80,000
Retained earnings, balance, December 31, 20XX: $935,000
Comparative Balance Sheets
For 20XX and 20XW
December 31, 20XX
December 31, 20XW
Assets
Current assets:
Cash: $120,000
Accounts receivable (net): $510,000
Inventory: $610,000
Prepaid expenses: $26,000
Total current assets: $1,266,000
Investments (long-term securities): $80,000
Plant and equipment: $2,200,000
Less: Accumulated amortization: $1,071,000
Net plant and equipment: $1,129,000
Total assets: $2,475,000
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable: $279,000
Notes payable: $500,000
Accrued expenses: $31,000
Total current liabilities: $810,000
Long-term liabilities:
Bonds payable, 20XY: $140,000
Total liabilities: $950,000
Shareholders' equity:
Preferred stock: $90,000
Common stock: $500,000
Retained earnings: $935,000
Total shareholders' equity: $1,525,000
Total liabilities and shareholders' equity: $2,475,000
Compute the book value per common share for 20XW and 20XX for the Maris Corporation. (Round the final answers to 2 decimal places.)
Book value
20XW: $
20XX: $