The stockholders” equity of Graf Company”s balance is as follows:
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Stockholders” equity: |
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Paid-in capital: |
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Common stock—without par value, $12 |
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stated value; authorized 100,000 shares; |
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issued and outstanding, 70,000 shares |
$ 840,000 |
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Paid-in capital in excess of stated value |
340,000 |
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Total paid-in capital |
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$1,180,000 |
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Retained earnings |
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80,000 |
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Total stockholders” equity |
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$1,260,000 |
Compute the average price at which the 70,000 issued shares of common stock were sold. Compute the book value per share of common stock.