The balance sheet of Clydesdale Corporation shows the following at December 31, Year 1: 4% cumulative preferred stock, $80 par value; authorized, 100,000 shares; issued and outstanding, 20,000 shares $ 1,600,000 Common stock, $2.50 par value; authorized, 1,000,000 shares; issued 600,000 shares (of which 8,000 are held in treasury) $ 1,500,000 Additional paid-in capital: Preferred stock $ 800,000 Common stock $ 900,000 Treasury stock (8,000 common shares) $ (192,000) Retained earnings $ 1,825,000 The average issue price per share of the preferred stock was: Multiple Choice $40. $80. $120. $160