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Question - 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.
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