QUESTION 20 Shown below is information relating to the stockholders' equity of Grant Corporation at December 31, Year 1: 7.0% cumulative preferred stock, $100 par value; authorized, 44,000 shares; issued and outstanding, $ 22,000 shares 2,200,000 Common stock, $5 par value; authorized, 600,000 shares; issued and outstanding, 360,000 shares $ 1,800,000 Additional paid-in capital: preferred stock $110,000 $ Additional paid-in capital: common stock 2,800,000 $ Retained earnings 1,050,000 Dividends have been declared and paid for Year 1. The average issue price per share of Grant's preferred stock was: $107.00 $52.50. $100.00. $105.00