The shareholders equity for the ABC, Inc. on December 31, 2010 follows:

12% Preference share capital, P100 par, 20,000 shares	P2,000,000
Ordinary share capital, P25 par, 200,000 shares	5,000,000
Share premium	500,000
Retained earnings	750,000
Total shareholders equity	P8,250,000

Preference shares have a liquidation value of P110; shares are cumulative, with dividends in arrears for 3 years including the current year and fully payable in the event of liquidation. The book value of an ordinary share is

a. 22.90 b. 26.65 c. 28.95 d. 25.35