Alasdair is an accountant. His wife Tracy is a retired lawyer. Both wish to remain active and they invest in a gift shop that is to be managed by their daughter Carol, who is aged 35. They form a partnership of three called Carol's Gift Shop. Alasdair and Tracy contributed $60,000 each to fund the purchase of the shop. The partnership agreement provides: Both Alasdair and Tracy are to receive interest at the rate of 8% pa on their capital contribution of $60,000. Carol will receive a salary of $45,000 for the management of the shop, as well as superannuation contributions of $11,000. A car will be leased by the business and provided to Carol. All profits and losses are to be shared 50:25:25 between the three partners Alasdair: Tracy : Carol The accounts for this income year show the following: Income ($) Sales (excluding GST) 340,000 Expenses ($) Cost of goods sold 130,000 Interest on capital paid to Alasdair and Tracy 2,000 Salary to Carol 45,000 Superannuation to Carol 11,000 Lease payments on car (excluding GST) 10,000 Other deductible operating expenses (excluding GST) 34,000 OTHER INFORMATION: The leased car was used 80% of the time for business and 20% of the time for private purposes. Carol received fully franked dividend $12,000; tips from working in a restaurant $5,100; Wages from the restaurant $57,000. Her traveling expenses from home to the restaurant is $1,300. She paid $450 for a yearly golf membership. With reference to the facts above: 1. Calculate the net income of the partnership. Show the allocation of net income to each of the three partners. 2. Calculate Carols Taxable Income