Following is the stockholders equity section from ABC Company's balance sheet as of Dec 31,

Yr 1: STOCKHOLDERS' EQUITY Common stock: $0.45 par value, authorized 600,000 shares; 175,000 shares issued: $78,750

Additional paid-in capital : 532,000

Retained earnings: 79,500 Treasury stock: (180,000)

Total stockholder's equity: $510,250

a) At the time the common stock was sold, what was the cost of each common stock sold?

b) Compute the average price at which ABC Company issued its common stock shares: c) Compute the number of common stock shares outstanding as of Dec 31, Yr 1.