A total of 400,000 shares of N1 each are to be issued by Sariki company Ltd at a price of N1.20 per share. Application were received for 600,000 shares out of which 100,000 were dishonored. If the available share were distributed pro-rata, what refund will be due a subscriber who applied for 5,000 shares?
-
A.
N1,000 -
B.
N1,200 -
C.
N4,800 -
D.
N6,000