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
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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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?
Transcribed Image Text: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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