Answer:
The book value of common stock and preferred stock can be calculated using the formula:
Book Value of Common Stock + Book Value of Preferred Stock = Total Assets - Total Liabilities
Given:
Total Assets = $\$ 500$ million
Current Liabilities = $\$ 100$ million
Long-term Liabilities = $\$ 200$ million
Retained Earnings = $\$ 50$ million
Total Liabilities = Current Liabilities + Long-term Liabilities = $\$ 100$ million + $\$ 200$ million = $\$ 300$ million
Book Value of Common Stock + Book Value of Preferred Stock = $\$ 500$ million - $\$ 300$ million = $\$ 200$ million
Therefore, the book value sum of common stock and preferred stock is $\$ 200$ million.
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