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The equity portion of a company's balance sheet for end of 2015 and 2016 is shown below: 2015 2016 Common Stock (0.50 par) $4,500,000 $4,800,000

The equity portion of a company's balance sheet for end of 2015 and 2016 is shown below:

2015 2016

Common Stock (0.50 par) $4,500,000 $4,800,000

Capital Surplus $8,600,000 $11,300,000

Retained Earnings $1,967,500 $4,492,000

Calculate the average price per share at which new shares were sold in 2016.

a. $5.00

b. $4.00

c. $4.50

d. $3.50

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