NCT Corporation's Treasury Share account showed a balance of $490,000 on December 31, 2019. These shares...

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NCT Corporation's Treasury Share account showed a balance of $490,000 on December 31, 2019. These shares were previously reacquired from ordinary shareholders. Ordinary Share Capital showed a balance of $22,050,000 at $75 par value on December 31, 2019. There were 238,000 outstanding ordinary shares on the same date. All subscriptions were fully paid and share certificates were issued. Required: Cost per share of treasury shares upon reacquisition Mark Lee subscribed to 2,500 ordinary shares ($50 par) of NCT Corporation for $185,000. Mark paid 25% of the total subscription price on the date of subscription. Two weeks later, he paid 25% of the unpaid balance. After several attempts of collection, no payment was received from Mark and the subscription was declared as delinquent. NCT incurred $6,500 in advertising the auction. The auction bidders were: Johnny, 1,950 shares; Ten, 1,200 shares; and Lucas, 1,850 shares. Assuming that there is a highest bidder, how many shares will Mark receive? NCT Corporation's Treasury Share account showed a balance of $490,000 on December 31, 2019. These shares were previously reacquired from ordinary shareholders. Ordinary Share Capital showed a balance of $22,050,000 at $75 par value on December 31, 2019. There were 238,000 outstanding ordinary shares on the same date. All subscriptions were fully paid and share certificates were issued. Required: Cost per share of treasury shares upon reacquisition Mark Lee subscribed to 2,500 ordinary shares ($50 par) of NCT Corporation for $185,000. Mark paid 25% of the total subscription price on the date of subscription. Two weeks later, he paid 25% of the unpaid balance. After several attempts of collection, no payment was received from Mark and the subscription was declared as delinquent. NCT incurred $6,500 in advertising the auction. The auction bidders were: Johnny, 1,950 shares; Ten, 1,200 shares; and Lucas, 1,850 shares. Assuming that there is a highest bidder, how many shares will Mark receive?

Answer rating: 100% (QA)

Part 1 Cost per share of treasury shares upon reacquisition To find the cost per share of the treasury shares upon reacquisition we need to divide the ... View the full answer