On 30 April 2023, Puppy Ltd went into voluntary liquidation. At that date, equity comprised the following.

Share capital:

200 000 preference shares issued for $1 and fully paid $ 200 000

440 000 ordinary shares issued for $1 and fully paid 440 000

320 000 ‘A’ ordinary shares issued for $1 and paid to 60c 192 000

40 000 ‘B’ ordinary shares issued for $1 and paid to 50c 20 000

852 000

Retained earnings (accumulated losses) (512 000)

Total equity $ 340 000

The liquidator proceeded to realize all of the company’s assets. The loss on liquidation amounted to $64 000 and, after paying sundry creditors, there was a cash balance of $212 000 available for distribution to the shareholders. (The constitution gives preference shareholders a prior claim to return of capital, and other shareholders are to rank equally, based on the number of shares held.)

Required

Prepare a statement of the distribution to shareholders supported by a detailed explanation of the apportionment of any cash among the various classes of shareholders.