Show the order of priority of payment of debts for Mosquito Ltd and calculate the amount payable to the company's various ordinary unsecured creditors.

b) Mosquito Ltd, whose capital consisted of $50 000 in fully paid shares, was wound up as a result of a court order. Its liquidator realised $671,650 from the sale of the company's assets. This amount included $170 000 from the proceeds on sale of the company's land and buildings. Debts proved and admitted were: Unsecured notes $100,000 Debentures (secured by circulating security interest) 300,000 First mortgage on land and buildings 100,000 Trade accounts payable 80,000 PAYG tax instalment 780 Fringe benefits tax 2,000 Directors' fees 3,000 GST 1,989 Employees' holiday pay 5,000 4,000 Employees' wages -- S employees for 2 weeks at $400 per week Secretary's salary - 3 weeks at $240 per week Managing director's salary + 4 weeks at $600 per week 720 2,400 Sales commission 500 Liquidation expenses 3,000 Second mortgage on land and buildings 80,000 Liquidator's remuneration 8,000