blair is a retired lawyer. His wife Lucy is a retired nurse. Both wish to remain active, and

they invest in a clothing shop that is to be managed by their daughter Karen who is

aged $35.$ They form a partnership of the three called Karen's Fashion Shop.

Both Blair and Lucy contributed $$240,000$ each to fund the purchase of the shop and

trading stock.

The partnership agreement provides the following:

$$ Both Blair and Lucy are to receive interest at the rate of $10\%$ pa on their capital

contribution of $$240,000$ each.

$$ Karen will receive a salary of $$45,000$ for the management of the shop. As well as

superannuation contributions of $$16,000.$

$$ All profits and losses are to be shared equally between the three partners

The accounts for the year ended $30$ June $2024$ show the following:

Sales $($excluding GST$)$

Cost of goods sold

Interest on capital paid to Blair and Lucy

Salary to Karen

Superannuation to Karen

Other operating expenses all deductible $($excluding GST$)$

Expenses

$$130,000$

$$48,000$

$$45,000$

$$16,000$

$$14,000$

Calculate the net income of the partnership for the financial year ending $30$ June $2024.$

Show the distribution of income to each of the three partners, Blair, Lucy, and Karen