The Following Information Is from the Balance Sheet of Jackson

question 152

Multiple Choice

The following information is from the balance sheet of Jackson Corporation as of December 31, 2015. $$\begin{array} { | l | r | } \hline \text { Preferred Stock, } \$ 100 \text { par } & \$ 200,000 \\\hline \text { Paid-in Capital in Excess of Par-Preferred } & 14,000 \\\hline \text { Common Stock, } \$ 1 \text { par } & 68,000 \\\hline \text { Paid-in Capital in Excess of Par-Common } & 203,000 \\\hline \text { Retained Earnings } & \underline { 52,600 } \\\hline \text { Total Stockholders' Equity } & \$ 537,600 \\\hline\end{array}$$ What is the average issue price of the preferred stock shares?

• A) $107
• B) $100
• C) $176
• D) $105