Miami Heat Inc. began operations in January2017, and reported the following results for each of its three years of operations.  2017 net loss-P 300,000;2018 net loss-P 30,000; 2019 Profit-P 3,950,000
 
At December 31, 2019, the company’s capital accounts were as follows:
    5% Preference Shares, P 100 par, 100,000 shares authorized, 60,000shares issued and outstanding
    Ordinary Shares, P10 par, 1,000,000 shares authorized, 800,000 shares issued and outstanding
 
Miami Heat Inc. has never paid a cash or share capital dividend and there has been no change in the capital accounts since its operations began.  Assume the preference shares are cumulative and upon corporate liquidation, shares are preferred as to assets up to par.  What is the book value per share of the ordinary shares on December 31, 2019?

a. P13.78

b. P14.15

c. P14.52

d. P13.40