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.
B
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