A corporation is authorized to issue 100,000 shares of $20 par-value stock and 20,000 shares of 10 percent, $50 par-value preferred stock (noncumulative and non-participating). *** There are 12,000 shares still outstanding and 3,000 shares subscribed of common stock. ***

At what average price has common stock been subscribed or issued? (Show ALL work)

Assuming that all of the Paid-in Capital in Excess of Par ValueCommon (27,600) was applicable to the shares of common stock that have been subscribed but not yet issued, what was the subscription price per share of the common stock subscribed? (Show ALL work)