Table 13-6
the Following Selected List of Accounts with Their

Table 13-6
The following selected list of accounts with their normal balances was taken from the general ledger of Gore Ltd. as of December 31, 2017:
$$\begin{array} {| l | r| } \hline \text { Cash } & \$ 199,000 \\\hline \text { Common shares, } 10,000 \text { shares authorized, } 5,000 \text { shares issued } & 265,000 \\\hline\text { Retained earnings }& 131,5000\\\hline \text { Cash dividends payable } &20,000 \\\hline \begin{array} { l } \text { Preferred shares, 500,000 shares authorized } 100,000 \text { shares } \\\text { issued }\end{array} & 800,000 \\\hline\end{array}$$
-Refer to Table 13-6.The average issue price of a preferred share was:

A) $1.60
B) $20.00
C) $40.00
D) $8.00