The authorized capital of city entertainment company is made up of 200,000 2\(\frac{1}{2}\)% preference shares of Le 60 each and 300,000 ordinary shares have been issued at Le 30 each and fully paid. All the preference dividend and recommended ordinary divided Le 0.10 per share. Using the following information, the value of the ordinary share capital to be stated in the balance sheet is
Le 9,000,000
Le 7,200,000
Le 4,800,000
Le 4,000,000
Correct answer is C
No explanation has been provided for this answer.