Hunter Manufacturing Inc.'s December 31, 2019 balance sheet showed total common equity of $2,050,000 and 100,000 shares of stock outstanding. During 2020, Hunter had $250,000 of net income, and it paid out $100,000 as dividends. What was the book value per share at 12/31/2020, assuming that Hunter neither issued nor retired any common stock during 2020?
A. $20.90
B. $22.00
C. $23.10
D. $24.26
E. $25.47
Answer: B
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