Abe subscribed to 4,000 shares, $100 par and paid $240,000 initially. After several demands, Abe...
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Accounting
Abe subscribed to 4,000 shares, $100 par and paid $240,000 initially. After several demands, Abe was not able to pay the subscription balance, defaulted, and became delinquent. The issuing company offered the unpaid subscription for bid for a price of $200,000 inclusive of the unpaid balance, interest, and incidental expenses.
The bidders are:
X - 2,700 shares
Y - 2,800 shares
Z - 3,000 shares
How many shares will eventually be given to Abe after his dafault?
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