Reference no: EM132942489
Question - The shareholders' equity of Orange Company shows the following balances on December 31, 2019:
10% preference share capital, cumulative and nonparticipating, P100 par with a liquidation value of P110, 20,000 shares P2,000,000
Ordinary share capital, P100 par, 30,000 shares 3,000,000
Subscribed ordinary shares 1,000,000
Subscription receivable 600,000
Treasury stock, 5,000 shares at cost (common) 400,000
Share premium reserve 660,000
Retained earnings 1,360,000
Required - What is the book value per share of ordinary share, assuming preference dividends are in arrears since 2019?