Answer with solution and explanation

00 shares at par P100. Shanks pays P600,000, but fails to Shanks subscribes completely settle his subscription. The corporation pays P30,000 f connection with the auction of the delinquent shares and eaned for 10,000 or expenses incurred in 20,000 worth of interest. The following bidders presented themselves to amount of shares: pay the offer price for these certain Big Mom Kaidou 4,500 shares 5,000 shares 7,000 shares 1. The minimum offer price would be A. 600,000 B. 630,000 C. 650,000 D 700,000 2. The highest bidder would be: A. Kaidou B. Big Monm C. D. Shanks 3. How many shares would Shanks own, considering the highest bidder? A. 0 B. 5,000 C. 5,500 D. 3,000 4. If there are no bidders, shares will be repurchased and accounted for as: A. Outstanding Shares B. Issued Shares C. Treasury Shares D. Subscribed Shares 5. Shares repurchased shall be recorded af: A. Par B. Subscription Price C. Cost D. Fair Value 6. Share Premium from subscription of shares which were later repurchased by the corporation will be A. Part of Share Premium- Treasury Shares B. Part of Share Premium- Ordinary Shares C. Will be eliminated since subscription was not paid in full D. Will be offset if treasury shares were resold for less than the cost