The constitution of Big Ltd states that in the event of liquidation, all shares are to rank equally, based on the number of shares held, in distributing any surplus or deficiency. Big Ltd went into liquidation on 20 June 2018. At this date, the equity of Big Ltd consisted of :

400 000 preference shares issued for $1 paid to 50c $200 000 1 000 000 ordinary shares issued for $1 paid to 80c $800 000

After realising the assets and paying all creditors, the liquidator had $300 000 cash available to distribute to the shareholders. What is the amount of actual refund to be made by the preference shareholders?