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What was the average price

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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.

Reference no: EM131824559

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