Brown Fashions Inc.'s December 31, 2017 balance sheet showed total common equity of $4,050,000 and 195,000 shares of stock outstanding. During 2018, the firm had $450,000 of net income, and it paid out $100,000 as dividends. What was the book value per share at 12/31/18, assuming no common stock was either issued or retired during 2018? (Round your final answer to two decimal places.)
A. $21.66
B. $19.86
C. $23.24
D. $26.17
E. $22.56
Answer: E
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