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Financial Accounting

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Moderate

Beta Solving for Average Issue Price Common

FINACT-MMBL0A

Beta Inc.'s incomplete stockholder's equity section is shown below.

Incomplete stockholder's equity section:
Common stock, $3.50 par, 1,000,000 shares authorized, — ? — shares issued \$700,000
Paid in capital in excess of par \$160,000
Retained earnings — ? —
Treasury stock (2,000 shares of common stock) \$16,000

What was the average issue price for common stock?