[4] On December 31, 2017, The shareholders' equity section of Sportz Corporation was as follows:

Common Shares, no par value ; authorized 20,000 shares;

issued and outstanding 10,000 shares $100,000

Retained Earnings $180,000

$280,000

On March 1, 2018, the board of directors declared and issued a 15% stock dividend and recorded the transaction at the adjusted [ex-dividend] fair market value of the shares quoted on that day. For the three months ended March 31, 2018, Sportz Corporation sustained a net loss of $20,000. It reported an amount of $142,000 CR as the balance for retained earnings on March 31, 2018.

What was the adjusted fair market value of the shares on March 31, 2018?

Select one:

a.

$10.00 per share

b.

$11.50 per share

c.

$12.00 per share

d.

$28.00 per share

e.

The market price cannot be determined from the information given