Answer:Average issue price = $105--b
Explanation:
Preferred stock , $100 par = $260,000
number of shares issued =Preferred stock / par value preferred stock= =$260,000 / $100 = 2,600 shares
Paid in capital in excess of par = total issued price - preferred stock
total issued value = paid in capital in excess of par preferred stock + preferred stock = 14,000 + 260,000=$274,000
Average issue price = Total issue price / number of shares issued = $274,000/ 2600= 105.38 = $105
