Carmen Company has the following equity amounts and no dividends in arrears. Preferred stock, $1,000 par $24 million Common stock, $100 par $20 million Paid-in capital in excess of par $36 million Retained earnings $18 million What is the book value of Carmen's common stock

Phoenix guitars is interested in pursuing backward integration to take greater ownership of the extraction of raw materials and production of components used in its signature line of guitars. although this approach would lower the overall cost of producing a guitar, the costs associated with producing electronic pickupsfor sound amplification are far greater than those associated with sourcing pickups from a reliable supplier. which of the following approaches is likely to produce superior results? a) invest in vertical integration despite the cost of producing pickups. b) abandon the idea of vertical integration entirely. c) pursue taper integration. d) introduce a budget line of guitars to diversify the firm's offerings.