Problem 1: Book Value The following is the condensed balance sheet of Red Corporation as of the end of 2020. Amounts are in millions of pesos. ASSETS LIABILITIES AND EQUITY Current 5 Current Liabilities 1 Noncurrent 15 Noncurrent Liabilities 3 TOTAL 20 Preference Share Capital, P1,000 par, 8% cumulative 6 Ordinary Share Capital, P100 par 8 Retained Earnings 2 TOTAL 20 Dividends were not paid out during 2019 and 2020