Section C-Long Answer Ouestions - Answer any ONE (1X9 marks = 9 marks) 14. Master Ltd, whose capital consisted of $500,000 in fully paid shares, was wound up as a result of court orders liquidator realised $891,950 from the sale of the company's assets. This amount included $250,000 from the proceeds on sale of the company's land and buildings. Debts proved and admitted were: $150,000 Unsecured notes Debentures (secured by circulating security interest) First mortgage on land and buildings Trade accounts payable PAYG tax instalment Fringe benefits tax GST Employees' holiday pay Employees' wages -5 employees for 2 weeks at $400 per week Secretary's salary--3 weeks at $550 per week Managing director's salary - 4 weeks at $900 per week Sales commission Liquidation expenses Second mortgage on land and buildings Liquidator's remuneration 350,000 200,000 78,000 860 3,000 3,989 3,000 4,000 1650 - 3,600 4,000 80,000 90,000 6,000 Instructions: Show the order of priority of payment of debts for Master Ltd and calculate the amount payable to the company's trade accounts payable