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Determine the highest bidder and amount of shares Investor

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Reference no: EM132940847

Problem - Investor 1 has an outstanding subscription for 5.000 P100 par ordinary shares, at par. Investor 1 has already paid P200,000 but defaulted on the balance when the payment was due.

After declaring the subscription as delinquent, a bidding was held. The following bidders were willing to pay the offer price of P350,000 for the following number of shares:

Investor 2 - 3.500 shares

Investor 3 - 3.000 shares

Investor 4 - 2,500 shares

Required - Determine the highest bidder and the amount of shares Investor 1 will receive.

Reference no: EM132940847

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