WAEC Financial Accounting 2008 Question 10

Tale Ltd. has 100,000 ordinary shares of N1 each and 60,000 5% preference shares of N1 each. Both were fully paid.
Profit and loss appropriation b/f N10,000
Net profit for the year N6,000
Proposed dividend on ordinary shares N4,000
Interim dividend N6,000
Goodwill written off N600
The authorised capital of Tale Ltd is

1. A.N176,000
2. B.N166,000
3. C.N160,000
4. D.N16,000