The stockholders' equity section of the balance sheet of Crammond Corporation at December 31, appears as follows:

Stockholders' Equity
$4 preferred stock, $100 par, 10,000 shares authorized	$	750,000
Common stock, $3 par, 100,000 shares authorized		240,000
Additional Paid-in Capital:
From issuance of preferred stock		205,000
From issuance of common stock		750,000
Total paid-in capital		1,945,000
Retained earnings		875,000
Total Stockholders' equity	$	2,820,000

What was the average issue price per share of preferred stock?

• $194.50.

• $100.00.

• $127.33.

• $400.00.