Paolo Reyes subscribed to 2,500 ordinary shares (50 par) of Mambo Corporation for 185,000. On the date of subscription, Paolo paid 25% of the total subscription price. Two weeks later, he paid 25% of the unpaid balance. After numerous attempts of collection, no payment was received from Paolo and the subscription was declared as delinquent. Mambo incurred 6,500 in advertising the auction. The auction bidders were: Primo, 1,950 shares; Mikko, 1,200 shares; and Edwin, 1,850 shares. How many shares will Paolo receive, assuming that there is a highest bidder?

Answer is 1,300 but please show solutions in good form.