The Addington Book Company has the following equity position. The stock is currently selling for $3 per share.
Common Stock (8 million shares outstanding, $2 par) $16,000,000
Paid in Excess 4,000,000
Retained Earnings 12,000,000
Total Common Equity $32,000,000
Book Value per share $4.00
What was the average price at which the company originally sold its stock? Reconstruct the equity statement above to reflect a four-for-one stock split.