Samuel Ltd went into voluntary liquidation on 30 June 2018, its summarised statement of nancial position then being: Samuel Ltd Statement of Financial Position As at 30 June 20|8 Liabilities and Equity Assets Share capital: |50,000 shares $ 300,000 Land and Buildings $ 435,000 fully paid less accum depreciation (220,000) Retained earnings 20,000 2|5,000 Equipment loan l80,000 Equipment (carrying amt) l92,000 Accounts payable 73,000 Cash at Bank 32,500 Other payables 62,000 Inventories |08,000 Accounts receivable 87,500 $ 635,000 $ 635,000 The assets were realised by the liquidator as follows: Land and Buildings $220,000 (before selling expenses of $22,000) Inventories 95,000 Accounts receivable 85,500 Other Payables allowed $11,000 discount, Accounts payable were paid in full. Other costs included liquidation costs of $8,500; Liquidator's remuneration $25,000; Employee entitlements $9,500. The mortgage holder sold the equipment for $208,000