Use the following information to answer the next 5 questions The Stockholder's Equity accounts of a...

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Use the following information to answer the next 5 questions The Stockholder's Equity accounts of a corporation on January 1, 2021, were as follows: Preferred Stock (2%, $100 par, cumulative, 8,000 shares authorized) Common Stock ($3 par, 1,500,000 shares authorized) Additional Paid in Capital - Preferred Additional Paid in Capital - Common Additional Paid in Capital - Treasury Retained Earnings $ 600,000 900,000 90,000 700,000 24,000 780,000 Treasury Stock - Common ($9 per share cost) 45,000 During 2021, the corporation had the following transactions and events relating to its stockholders' equity. Jan. 2 Issued 5,000 shares of common stock in exchange for a building. The fair value of the building on the NYSE was selling for Feb. 21 Mar. 21 Nov. 14 Dec. 31 date of purchase was $80,000. The stock on the date of purchase on the $17/share. Sold 1,000 shares of the treasury stock for $14 per share. Issued 1,200 shares of preferred stock $120 per share. Purchased 2,500 shares of common stock for the treasury at $10 per share. Determined that net income for the year was $429,000. 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, 2021, what is the average selling price of the preferred stock (round to the nearest cent)? $115.83 $100.00 O $117.52 $120.00 $110.76 Use the following information to answer the next 5 questions The Stockholder's Equity accounts of a corporation on January 1, 2021, were as follows: Preferred Stock (2%, $100 par, cumulative, 8,000 shares authorized) Common Stock ($3 par, 1,500,000 shares authorized) Additional Paid in Capital - Preferred Additional Paid in Capital - Common Additional Paid in Capital - Treasury Retained Earnings $ 600,000 900,000 90,000 700,000 24,000 780,000 Treasury Stock - Common ($9 per share cost) 45,000 During 2021, the corporation had the following transactions and events relating to its stockholders' equity. Jan. 2 Issued 5,000 shares of common stock in exchange for a building. The fair value of the building on the NYSE was selling for Feb. 21 Mar. 21 Nov. 14 Dec. 31 date of purchase was $80,000. The stock on the date of purchase on the $17/share. Sold 1,000 shares of the treasury stock for $14 per share. Issued 1,200 shares of preferred stock $120 per share. Purchased 2,500 shares of common stock for the treasury at $10 per share. Determined that net income for the year was $429,000. 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, 2021, what is the average selling price of the preferred stock (round to the nearest cent)? $115.83 $100.00 O $117.52 $120.00 $110.76