GMA Corp. was authorized to issue 500,000 ordinary shares with a par value of ₱10. One of its subscribers was unable to pay the balance of his subscription amounting to ₱12,000. He subscribed to 2,000 shares at P12 per share. The company had the delinquent subscription auctioned and expenses related to the bidding amounted to ₱3,000. In the auction, the bidders were as follows: Anna, 1,225 shares; Ben, 1,166 shares;
GMA Corp. was authorized to issue 500,000 ordinary shares with a par value of ₱10. One of its subscribers was unable to pay the balance of his subscription amounting to ₱12,000. He subscribed to 2,000 shares at P12 per share. The company had the delinquent subscription auctioned and expenses related to the bidding amounted to ₱3,000. In the auction, the bidders were as follows: Anna, 1,225 shares; Ben, 1,166 shares;
Chapter1: Financial Statements And Business Decisions
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GMA Corp. was authorized to issue 500,000 ordinary shares with a par value of ₱10. One of its subscribers was unable to pay the balance of his subscription amounting to ₱12,000. He subscribed to 2,000 shares at P12 per share. The company had the delinquent subscription auctioned and expenses related to the bidding amounted to ₱3,000. In the auction, the bidders were as follows:
Anna, 1,225 shares;
Ben, 1,166 shares;
Carl, 1,200 shares; and
Dianne, 1,250 shares.
How many shares should be awarded to the delinquent subscriber?
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