Bryceland Market Garden Has Current Assets of $900,000, Capital Assets

Bryceland Market Garden has current assets of $900,000, capital assets of $6 million, accumulated depreciation of $1.5 million, intangible assets of $250,000, current liabilities of $500,000, a mortgage for $1 million and a bank loan of $150,000. Common shares, at an issue price of $20 a share, provided $4 million of cash. Using the balance sheet (or net book value) method, what is the value of the business per share?

A) $14.25
B) $20.00
C) $18.78
D) $22.50
E) $16.75