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 .