JAMB Principles of Accounts 1998 Question 41

Granada Corporation has net assets of ₦600,000 and contributed capital of ₦180,000. The corporation has 30,000 shares of common stock outstanding with no preferred stock. This suggests that the corporation has

1. A.a book value of ₦14 per share
2. B.a book value of ₦20 per share
3. C.a deficit of ₦420,000
4. D.retained earnings of ₦600,000.