Reference no: EM132979050

Question - Shares subscribed of 10,000 ordinary shares at P 5 par value;

1. Payment was P 20,000 after which she defaulted

2. P2,100 was incurred for advertising the auction and other related expenses.

Bidders No. of Shares willing to receive

Panda 4,000

Ice Bear 5,000

Grizzly 6,000

1. Who is the highest bidder?

2. How many shares were considered delinquent?

3. Journal entry necessary from the start up to the end of the bidding process.

Assuming, the corporation reacquires the delinquent shares, what are the journal entries?