Ballard Corporation Has Retained Earnings of $200,000

Multiple Choice

Ballard Corporation has retained earnings of $200,000. It has 5,000 shares of 6 percent, $100 par value preferred stock outstanding that is callable at 102. The preferred stock is cumulative, and one year of dividends is in arrears. It also has 10,000 shares of $50 par value common stock outstanding. Assume all stock is issued at par. The book value of each share of preferred stock is

A) $105.
B) $108.
C) $102.
D) $110.