Problem 4 Elegant Co. was organized on Jan. 1, 2022. On that date, it issued 1,000,000 shares of P1.00 par value ordinary stock at P1.50 per share (2,000,000 shares were authorized). During the year:...

Extracted text: Problem 4 Elegant Co. was organized on Jan. 1, 2022. On that date, it issued 1,000,000 shares of P1.00 par value ordinary stock at P1.50 per share (2,000,000 shares were authorized). During the year: (a) Elegant received various subscriptions totaling 500,000 shares for 30% down at P1.25 per share; (b) It was able to collect P400,000 of the subscriptions; (c) From the subscriptions, it had issued 450,000 shares. Questions: 1. What is the balance of the subscriptions receivable at the end of the year? 2. What is the total number of shares still subscribed? | 3. Assume that the remaining shares were declared delinquent and were sold in a public auction incurring P10,000. What is the total amount paid by the delinquent subscriber?