Reference no: EM132840542

CE Corp. is authorized to issue P10 par ordinary share capital. The company received subscription from Mr. Cold for 20,000 shares at P15 per share. Mr. COLD paid 40% down payment and the balance is payable at the end of 60 days. After several calls, Mr. COLD failed to pay the balance of his subscription. Thirty days after the due date, the shares were declared delinquent and were advertised for sale at a public auction. Expenses incurred for advertising the sale amounted to P5,000, which were duly paid by the corporation.

There were three (3) bidders who are willing to Pay the remaining balance of subscription and all expenses related to the delinquent shares and are willing to get the number of shares as follow:

Sunny So 10,000 shares

Moony Mo 8,000 shares

Windy Wee 12,000 shares

Question 1: What amount would be the total receivable from the highest bidder?

Question 2: Who is the higher bidder?

Question 3: How many shares will be given to Mr. Cold?