The following information is from the December 31, 2017 balance sheet of Jackson Corporation

Preferred Stock, $100 par $270,000
Paid-In Capital in Excess of Par-Preferred 22,000
Common Stock, $1 par 69,000
Paid-In Capital in Excess of Par-Common 206,000
Retained Earnings 56,600
Total Stockholders' Equity $623,600

What is the average issue price of the preferred stock shares? (Round answers to the nearest dollar.)
A) $108
B) $100
C) $167
D) $106

A .A)
Preferred Stock, $100 par $270,000
No. of Shares = $270,000 / $100 2,700
Paid-In Capital in Excess of Par—Preferred $22,000
Average Price = ($270,000 + $22,000 ) / 2,700 $108