The Shareholders' Equity Section of the Balance Sheet for Vivitas

Multiple Choice

The shareholders' equity section of the balance sheet for Vivitas Stevia Corporation is shown below:

$\begin{array}{lr}\text { Share capital: }\\\text { Preferred shares, } 10,000 \text { shares authorized, }\\7,000 \text { shares issued of } \$ 3.50 \text { preferred }&\$350,000\\\text { Common shares, } 50,000 \text { shares authorized, }\\\text { 18,000 shares issued } & \underline{180,000} \\\text { Total share capital } & \$ 530,000 \\\text { Retained earnings } & \underline{300,000} \\\text { Total share capital } & \underline{\$ 830,000} \\\end{array}$
Assume there are 2 years' dividends in arrears on the preferred shares, including the current year. The book value per share for Vivitas Stevia common shares is:

A) $26.67
B) $23.94
C) $22.58
D) $26.47