Velcraft Company Has 20,000,000 Shares of Common Stock Authorized,but to Date,has

Multiple Choice

Velcraft Company has 20,000,000 shares of common stock authorized,but to date,has only 12,000,000 shares outstanding,each with a $1.00 par value.The company has $24,000,000 in additional paid-in capital and retained earnings are $96,000,000.What is Velcraft's current book value per share?

A) $1.00
B) $3.00
C) $11.00
D) $6.60
E) $9.00