Paolo Reyes subscribed to 2,500 ordinary shares (₱50 par) of Mambo Corporation for ₱185,000. On the date of subscription

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Paolo Reyes subscribed to 2,500 ordinary shares (₱50 par) ofMambo Corporation for ₱185,000. On the date of subscription, Paolopaid 25% of the total subscription price. Two weeks later, he paid25% of the unpaid balance. After numerous attempts of collection,no payment was received from Paolo and the subscription wasdeclared as delinquent. Mambo incurred ₱6,500 in advertising theauction. The auction bidders were: Primo, 1,950 shares; Mikko,1,200 shares; and Edwin, 1,850 shares. How many shareswill Paolo receive, assuming that there is a highestbidder?
Answer is ₱1,300 but please show solutions in goodform.