This is Whipple's Shareholder equity section on the balance sheet at the end of the most recent year. All accounts have a normal balance.

Common Stock, $6 par value ...100,000 shares authorized ...20,000 shares issued ...16,000 shares outstanding	$120,000
Paid in capital in excess of par, Common Stock	$540,000
Preferred Stock, $1,000 par value, noncumulative ...10,000 shares authorized ...200 shares issued ...200 shares outstanding	$200,000
Retained earnings	$243,000
Treasury stock	$96,000

What was the average issue price of a share of common stock since inception?

	a.	$33
	b.	$6
	c.	$43
	d.	$1.20
	e.	none of the above