Electrical goods Pty Ltd formed a partnership with Michael and John to operate a wholesale business selling electronics called " buy right". The partnership agreement provides that the partnership is as follows; electronic goods Pty Ltd 60%, Michael 20% and John 20%. The partnerships financial accountant provided you with the following profit and loss statement. Electrical goods Pty Ltd, Michael and John partnership Trading as buy rights Profit and loss for the year ending 30th of June 2021 Income Sales. 1,500,000 Government grant. 75,000(note 1) Total income. 1,575,000 Cost of goods sold Opening stock 320,000 Purchases. 500,000 Closing stock. 180.000 Total cost of goods sold. 640,000 Gross profit. 935,000 Expenses Employment wages. 150,000 Interest in partnership loan 60,000(note 2) Partner salaries for Michael and John. 400,000 Rent. 75,000 Electricity and water. 45,000 Movement in provisions. 55,000 (note 3) Total expenses. 785,000 Net profit. 150,000 Notes 1. The partnership received an apprenticeship rebate from the government to assist with the apprentices cost that the partnership currently employs 2. Electrical goods Pty Ltd lent the partnership $1,000,000, so the partnership would not have to borrow from the bank to finance the purchase of stock. The 60,000 interest related to this loan 3. The accountant has taken up the following movements in the provision accounts: doubtful debt 35,000, long service leave 10,000 and accrued sick leave 10,000. 4. The partnership made a loss of 125,000 in the June 2020 year Address the following and justify using legislation and case law where applicable A) calculate the partnerships taxable income B) calculate electrical goods Pty Ltd tax payable