Tulip Corporation has a delinquent subscription for 4,700 shares of its P20 par value shares capital. The delinquent subscriptions were originally subscribed at par. At the date of subscription, 48% payment has already been made. The delinquent subscription is to be sold at public auction. Expenses incurred for the auction amounts to P 9,300. The following are the bidders in the public auction:

Teddy Yuen 2,100 shares

William Perez 2,300 shares

Michael Herrera 1,500 shares

How much should the highest bidder pay for his bid?

Group of answer choices

a.P 54,420

b. P 58,180

c. P 45,120

d. P 48,880