Below is information related to the stockholders' equity of Brookdale Corporation as of December 31, 2018: 11%
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Below is information related to the stockholders' equity of Brookdale Corporation as of December 31, 2018:
11% cumulative preferred stock, $130 par, 100,000 shares authorized, 10,000 shares issued $1,300,000
Common shares, $1.25 par, 1,000,000 shares authorized, 600,000 shares issued (of which 6,000 are held in treasury) $750,000
Additional paid-in capital: preferred stock $500,000
Additional paid-in capital: common shares $900,000
Additional paid-in capital: treasury stock transactions $6,000
Treasury shares (at cost: 6,000 common shares) ($192,000)
Retained earnings $1,350,000
Calculate the average issue price per share of the preferred stock .
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