On 30 June 2023, Hubris Ltd went into liquidation. At that date, the equity of Hubris Ltd comprised the following.

300 000 preference shares issued for $1 paid to 50c

$

150 000

500 000 ordinary shares issued for $1 paid to 80c

400 000

$

550 000

After realising the assets and paying all creditors, the liquidator had $170000 cash available to distribute to shareholders.

Required

1.Prepare a statement detailing the distribution of cash to shareholders assuming the company's constitution was silent regarding the rights of shareholders upon winding up.