Air Porters Inc. has common shares of $100 million and retained earnings of $23 million according to its latest balance sheet. There are 5 million shares outstanding. Inventory has a net realizable value $1 million less than book value (balance sheet values) and a replacement cost of $2 million less than book value. The land has been appraised at $3 million less than book value and the building has an appraisal value of $5 million less than book. The latter's replacement cost is considered to be $10 less than book value.

Required:
Estimate the share price for Air Porters Inc. shares using the following three methods:
(a) Net book value method
(b) Liquidation method
(c) Replacement cost method.