Burton Inc. has two classes of stock, $5\%$ $$100$ par cumulative Preferred Shares and $$3$ par Common Shares. The equity section shows:

Common stock, $$3$ par value, $1,000,000$ shares authorized and $\_\_\_?\_\_\_$ shares issued................$$755,000$

Paid in capital in excess of par value........................................................................................$$255,000$

At what average price was the common shares issued?

Respond rounded to TWO DECIMALS, without a dollar sign and without commas.

Answer rating: 100% (QA)

To calculate the average price at which the common shares were issued we need to use the information ... View the full answer