The stockholders' equity section of Graf Company's balance sheet is as follows:

Compute the average price at which the 70,000 issued shares of common stock were sold. Compute the book value per share of common stock.

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Stockholders' equity: Paid-in capital: Common stock-without par value, $12 stated value; authorized 100,000 shares; issued and outstanding, 70,000 shares. ... Paid-in capital in excess of stated value Total paid-in capital Retained earnings Total stockholders' equity $840,000 340,000 $1,180,000 80,000 $1,260,000