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Who is the highest bidder

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Question - Variant Corp. is authorized to issue 100,000 shares of P100 par value capital stock. Johnny   subscribed to 1,000 shares at par on March 1, 2020.  A 25% down payment was given by Johnny, the balance is payable in two equal instalments payable on March 30 and April 31.He paid the first instalment, but defaulted in the second installment due. The unpaid subscription was offered for sale at public auction. Advertising cost incurred amounted to P7,000. Bonbon made a bid for 800 shares, Cora, for 900 shares, Zally for 600 shares, and Yolly for 700 shares. Who is the highest bidder? Show solution.

Reference no: EM133042597

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