2. Terry Jones is the trustee of a discretionary trust estate created on the death of Bruce Gibbs. The Deed names the following members of the Gibbs family as beneficiaries of the trust: Karen Gibbs, aged 16 Jason Gibbs, aged 20 Florence Gibbs, aged 45 You have been provided with the following information in relation to the trust for the year ended 30 June 2023: Receipts Rental income 53,000 Interest Income 3,500 Unfranked dividends 15,000 Fully franked dividends 8,600 Overseas dividends (foreign tax paid $150) 850 Other investment income 14,850 Outgoings Expenses incurred in earning rent 7,800 Interest paid on money borrowed to invest 500 Additional Information: Other income of beneficiaries: Karen Gibbs $2,000 interest derived from government bonds which had been given to her Jason Gibbs $2,100 wages derived from fruit picking while he was on holiday in the Hunter Valley. Florence Gibbs Nil Required: Calculate and explain the net income of the trust estate. Advise Trustee as to the tax consequences of these intended distributions, indicating which party has the responsibility to pay the relevant tax and which tax rates would apply to each distribution.