ABC Inc.’s December 31, 201 0 balance sheet showed total common equity of $4,000,000 and 200,000 shares of stock outstanding. During 2011, the firm had $450,000 of net income, and it paid out $1 5 0,000 as dividends. Suppose no new common stock was issued or retired during 2011. The book value per share at the end of fiscal 2011 should be: a. $2 1 . 5 0 b. $22.00 c . $23.10 d. $24.26 e. $25. 47