Order of payment of debt and shareholders’ distributions   LO8, 9 Weevil Ltd went into liquidation on 31 March 2020, its equity being as follows. 75 000 ordinary shares issued and fully paid $175 000 Retained earnings (accumulated losses) (35 600) $139 400 Debts proved and admitted for payment by the liquidator were as follows. Debentures (secured by circulating security interest) $100 000 Mortgage loan (secured over land and buildings) 240 000 Unpaid annual leave 45 800 Employee retrenchment payments 56 400 Director’s salary 8 400 Directors’ fees 2 400 PAYG tax instalments 6 200 Accounts payable 125 000 Liquidation expenses 1 300 Liquidator’s remuneration 5 000 The land and buildings were seized by the secured creditor and sold to repay the mortgage loan. Surplus funds amounting to $5000 were forwarded to the liquidator. All other assets were sold and realised $230 000. Any calls which the liquidator may need to make are expected to be recoverable. Required Prepare the liquidator’s receipts and payments account and the shareholders’ distribution account for Weevil Ltd. (Show all calculations.)