Question - The following information is from the December 31, 2017 balance sheet of Jackson Corporation.
Preferred Stock, $100 par - $300000
Paid-in capital in excess of par-Preferred - $17000
Common Stock, $1par - $76000
Paid-in Capital in excess of par-Common - $203000
Retained Earnings - $55600
Total StockHolder's Equity - $651600
What is the average issue price of the preferred stock shares? (Round answers to the nearest dollar.).