Problem - Oxygen Co. is incorporated at the beginning of this year and engages in a number of transactions. The following journal entries impacted its stockholders' equity during its first year of operations.

a. Cash.................................................... 150,000

Common Stock, $25 Par Value..... 125,000

Par Value, Common Stock......... 25,000

b . Organization Expenses.................... 75,000

Common Stock, $25 Par Value.... 62,500

Par Value, Common Stock....... 12,500

c. Cash.................................................. 21,500

Accounts Receivable...................... 7,500

Building............................................ 30,000

Notes Payable.............................. 19,000

Common Stock, $25 Par Value.. 25,000

Paid-In Capital in Excess of

Par Value, Common Stock...... 15,000

d. Cash................................................ 60,000

Common Stock, $25 Par Value.... 37,500

Paid-In Capital in Excess of

Par-Value, Common Stock...... 22,500

REQUIRED - What is the book value per share of the common stock at year-end if total paid-in capital plus retained earnings equals $347,500.