What is the consequence of the sale to the highest bidder? Group of answer choices D shall own 400 shares and X shall retain 600 shares. B shall own 600 shares and the corporation shall own 400 shares. B shall own 600 shares and X shall retain 400 shares. A shall own 800 shares and X shall retain 200 shares.
What is the consequence of the sale to the highest bidder? Group of answer choices D shall own 400 shares and X shall retain 600 shares. B shall own 600 shares and the corporation shall own 400 shares. B shall own 600 shares and X shall retain 400 shares. A shall own 800 shares and X shall retain 200 shares.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
X subscribed for 1,000 of P500 par value common stock for P500,000. He was able to pay only P200,000 and so the unpaid subscription was declared delinquent. Accrued interest to date amounted to P21,000 and expenses for the public sale amounted to P4,000. The following bids were offered:
A – P325,000 for 800 shares
B – P325,000 for 600 shares
C – P250,000 for 600 shares
D – P200,000 for 400 shares
B – P325,000 for 600 shares
C – P250,000 for 600 shares
D – P200,000 for 400 shares
What is the consequence of the sale to the highest bidder?
Group of answer choices
D shall own 400 shares and X shall retain 600 shares.
B shall own 600 shares and the corporation shall own 400 shares.
B shall own 600 shares and X shall retain 400 shares.
A shall own 800 shares and X shall retain 200 shares.
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