BFAR Corp. was authorized to issue 500,000 ordinary shares with a par value of P10. One of its subscribers was unable to pay the balance of his subscription amounting to P12,000. 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 P3,000. In the auction, the bidders were as follows: Anna, 1,225 shares; Ben, 1,096 shares; Carl, 1,200 shares; and Dianne, 1,250 shares. How many shares should be awarded to the delinquent subscriber?

BFAR Corp. was authorized to issue 500,000 ordinary shares with a par value of P10. One of its subscribers was unable to pay the balance of his subscription amounting to P12,000. 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 P3,000. In the auction, the bidders were as follows: Anna, 1,225 shares; Ben, 1,096 shares; Carl, 1,200 shares; and Dianne, 1,250 shares. How many shares should be awarded to the delinquent subscriber?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

BFAR Corp. was authorized to issue 500,000 ordinary shares with a par value of P10. One of its subscribers was unable to pay the
balance of his subscription amounting to P12,000. 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 P3,000. In the auction, the bidders were as follows:
Anna, 1,225 shares;
Ben, 1,096 shares:
Carl, 1,200 shares; and
Dianne, 1,250 shares.
How many shares should be awarded to the delinquent subscriber?

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