Micromain Company Has 10,000,000 Shares of Common Stock Authorized and 8,000,000

Multiple Choice

Micromain Company has 10,000,000 shares of common stock authorized and 8,000,000 shares outstanding,each with a $1.00 par value.The firm's additional paid-in capital account has a balance of $18,000,000.The previous year's retained earnings account was $124,000,000.In the year just ended,Micromain generated net income of $16,000,000 and the firm has a dividend payout ratio of 40 percent.What will Micromain's book value per share be when based on the final year-end balance sheet?

A) $20.75
B) $15.00
C) $15.96
D) $19.95
E) $18.75