The Following Information Is from the December 31,2017 Balance Sheet

question 145

Multiple Choice

The following information is from the December 31,2017 balance sheet of Lawson Corporation. $$\begin{array} { | l | r | } \hline \text { Preferred Stock, } \$ 100 \text { par } & \$ 560,000 \\\hline \text { Paid-In Capital in Excess of Par-Preferred } & 43,000 \\\hline \text { Common Stock, } \$ 1 \text { par } & 190,000 \\\hline \text { Paid-In Capital in Excess of Par-Common } & 510,000 \\\hline \text { Retained Earnings } & \underline { 191,500 } \\\hline \text { Total Stockholders' Equity } & \$ 1,494,500 \\\hline\end{array}$$ What was the average issue price of the common stock shares? (Round your answer to the nearest cent. )

• A)$1.88
• B)$1.00
• C)$2.68
• D)$3.68

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Definitions:

Selling Price

The amount of money for which a product or service is offered for sale to the public.

Common-Carrier Delivery Contract

A type of contract in which purchased goods are delivered to the buyer via an independent contractor, such as a trucking line.

UPS

A global shipping and logistics company known for its package delivery services.

Shipped

The process of transporting goods or commodities from one place to another, typically involving the transfer of physical items through various modes of transport like land, air, or sea.