The Stockholder's Equity accounts of a corporation on January 1, 2022, were as follows:

Preferred Stock (6%, $200 par, cumulative, 4,000 shares authorized) = $470,000

Common Stock ($5 par, 1,000,000 shares authorized) = 1,350,000

Additional Paid in Capital - Preferred=$89,300

Additional Paid in Capital - Common =$6,480,000

Retained Earnings = $1,657,000

Treasury Stock-Common (7,000 shares)

During 2022, the corporation had the following transactions and events relating to its stockholders equity.

Jan. 2 Issued 30,000 shares of common stock in exchange for property. On this date the stock was trading for $15 per share.

Feb. 21. Issued 400 shares of preferred stock at $250 per share.

March. 21 Sold 1,000 shares of treasury stock-common for $21 per share.

Nov. 14. Purchased 2,000 shares of common stock for the treasury at a cost of $22,000

Dec. 31. Determined that net income for the year was $318,000. Dividends were declared and paid during Decemeber. These dividends included a $0.25 per share dividend to common stockholders of record as of December 20. There are no dividends in arrears.

As of December 31, 2022, what is the average selling price of the preferred stock?

A) $225.00

B) $280.55

C) $200.00

D) $239.75

E) $207.27

The Stockholder's Equity accounts of a corporation on January 1, 2022, were as follows: Preferred Stock (6%, $200 par, cumulative, 4,000 shares authorized) Common Stock ($5 par, 1,000,000 shares authorized) Additional Paid in Capital - Preferred $470,000 1,350,000 89.300 Additional Paid in Capital - Common Retained Earnings 6,480,000 1,657,000 Treasury Stock-Common (7,000 shares) 126,000 During 2022, the corporation had the following transactions and events relating to its stockholders equity. Jan. 2 Issued 30,000 shares of common stock in exchange for property. On this date the stock was trading for $15 per share. Feb. 21 Issued 400 shares of preferred stock at $250 per share. Mar. 21 Sold 1,000 shares of treasury stock - common for $21 per share. Nov, 14 Purchased 2,000 shares of common stock for the treasury at a cost of $22,000. Dec. 31 Determined that net income for the year was $318,000. Dividends were declared and paid during December. These dividends included a $0.25 per share dividend to common stockholders of record as of December 20. There are no dividends in arrears. As of December 31, 2022, what is the average selling price of the preferred stock? $225.00 $280.55 $200.00 $239.75 $207.27