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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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