The stockholders' equity section of the balance sheet for Minturn Mine Corporation is shown below:

Paid-in capital
Preferred stock, 7%, $50 par value, 10,000 shares authorized, 7,000 shares issued, redemption value $56 per share	$350,000
Paid-in capital in excess of par valuepreferred	50,000
Common stock, $10 par value, 50,000 shares authorized, 18,000 shares issued	180,000
Paid-in capital in excess of par valuecommon	20,000
Total Paid-in capital	$600,000
Retained earnings	300,000
Total stockholders equity	$900,000

Assume there are 2 years' dividends in arrears on the preferred stock, including the current year. The book value per share for preferred stock is:

A. $66.50.

B. $63.

C. $60.50.

D. $57.