Question: On Dec. 1 last year, Michael placed a good-'til-canceled limit order to buy 300 shares of KM at $58 a share. KM sold between $60

On Dec. 1 last year, Michael placed a good-'til-canceled limit order to buy 300 shares of KM at $58 a share. KM sold between $60 and $62 on that day. Over the following two months the stock price continued to rise and Michael forgot about the order. After the markets closed on Feb. 1, some bad news concerning KM was released. The stock opened on Feb. 2 at a price of $56 a share. Which one of the following statements is correct concerning Michael 's order?

		The order was executed on Feb. 2 at a price of $58 a share.
		The order was executed on Feb. 2 at a price of $56 a share.
		The order was executed on Dec. 1 at $60 a share since that was the best available price of the day.
		The order was cancelled on Jan. 1 because it had not been executed within the allowable one-month time period.

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