How much was the receivable from the highest bidder

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Reference no: EM132803283

Question - SISON Corporation was granted by the charter to issue 100,000 shares of P25 par value ordinary share capital. It completed the following selected transactions during the year.

Received subscription from SINGSON for 20,000 shares at P30 per share, receiving 60% of the subscription price as down payment. On due date, SINGSON failed to pay the balance of the subscription price. The shares were declared delinquent and were advertised for sale at a public auction. SISON paying P5,000 advertising costs.

How much was the receivable from the highest bidder?

Assume that SISON Corporation received the following bids: A. Cruz, 13,000 shares; B. Guzman, 15,000 shares and C. Ferrer, 16,000 shares. Who is the highest bidder?

Assume that SISON Corporation received the following bids: A. Cruz, 18,000 shares; B. Guzman, 15,000 shares and C. Ferrer, 12,000 shares. How many shares should Singson receive?

Assume that there was no bidder, how many shares will be issued to Singson.

Reference no: EM132803283

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