Pike Corporation has total stockholders' equity of $8,690,000 as of December 31, 2017. The company has 300,000 shares of $2 par value common stock and 20,000 shares of 8% cumulative preferred stock, $100 par value, outstanding. Due to lower-than-expected net income, no dividends were declared by Pike's board of directors for 2017. The book value per share of common stock is:
a $25.00
b $21.77.
c. $23.00
d $25.60.
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