Drake Inc. has the following balances at the end of Year 5:
|Stockholder's Equity Section:|
|Preferred stock, \$100 par value, 5,000,000 shares authorized|
|— ? — shares issued, cumulative, nonparticipating, callable at par||\$50,000|
|Paid in capital in excess of par, preferred stock||\$75,000|
|Common stock, \$12 par value, 6,000,000 shares authored, — ? — shares issued||\$600,000|
|Paid in capital, in excess of par, common stock||\$25,000|
What was the average issue price for the preferred stock?