On January 1, 20X1, Palpha Corporation acquired all of Stravo Company's assets and liabilities by issuing shares of its $3 par value stock to the owners of Stravo Company in a business combination. Palpha also made a cash payment to Banker Corporation for stock issue costs. Partial balance sheet data for Palpha and Stravo, before the cash payment and issuance of shares, and a combined balance sheet following the business combination are as follows: Palpha Corporation Book Value Stravo Company Book Value Fair Value Combined Entity $ 65,000 105,000 210,000 400,000 $ 15,000 30,000 90,000 210,000 $ 15,000 30,000 ? 293,000 Assets Cash Accounts Receivable Inventory Buildings & Equipment (net) Goodwill Total Assets Accounts Payable Bonds Payable Common Stock Additional Paid-In Capital Retained Earnings Total Liabilities & Equities $ 448,000 $ 22,000 120,000 $ 780,000 $ 56,000 200,000 96,000 234,000 194,000 $ 780,000 $ 345,000 $ 22,000 120,000 70,000 42,000 91,000 $ 345,000 $ 56,000 135,000 320,000 693,000 ? $ ? $ 78,000 320,000 117,000 553,000 ? $ ? Required: a. What number of its $5 par value shares did Stravo have outstanding at January 1, 20X1? Number of shares b. Assuming that all of Stravo's shares were issued when the company was started, what was the price per share received at the time of issue? (Round your answer to 2 decimal places.)