Guation 6-Week 12 (1) marka) Richard aretired licha. His wife Tracy kantined cholteacher. Both wish to remain active and they resting shop thot babend by their daughter Alle words. They forma parte of three called "Wics Gt Shop" Richard and Tracy partrid SAD.CO ach and the purchase of the shop. The partnership . Both Richard and Tracy are to receive rest at the rate of 10% p... on their cast contribution of $40,000 Mice will receive a salary of $25,000 for the morgenent of the shop as well as super combutions of 55.000 Acar will be led by the business and provided to Aloe . Al profits and learn to be shared acquay between the three partner H The accounts for this income year show the following: 240000 Income 151 Sales leching GST Dapat si Cost of goods sold Werest on capital paid to Richard and Tracy Salary to 130,000 3.000 25.000 Superannuation to Alice Le parc (clude GST) 17.000 Other deductile operating expenses leeg GTI 14,000 The car weed oleme for business and 20% of the time or primite purposes Required: With reference to the facts above A calculate the set income of the partneri Show the allocation of come to each of the three Count refer to relation and race in your war. Question 6 - Week 12 (11 marks) Richard is a retired solicitor. His wife Tracy is a retired school teacher. Both wish to remain active and they invest in a gift shop that is to be managed by their daughter Alice, who is aged 35. They form a partnership of three called "Alice's Gift Shop" Richard and Tracy contributed $40,000 each to fund the purchase of the shop. The partnership agreement provides: Both Richard and Tracy are to receive interest at the rate of 10% p.a. on their capital contribution of $40,000. Alice will receive a salary of $25,000 for the management of the shop, as well as superannuation contributions of $6,000. A car will be leased by the business and provided to Alice. All profits and losses are to be shared equally between the three partners. H The accounts for this income year show the following: 240,000 Income ($) Sales (excluding GST) Expenses ($) Cost of goods sold Interest on capital paid to Richard and Tracy 130,000 8,000 Salary to Alice 25,000 Superannuation to Alice Lease payments on car (excluding GST) Other deductible operating expenses (excluding GST) 6,000 7,000 14,000 The leased car was used 80% of the time for business and 20% of the time for private purposes. Required: With reference to the facts above: A.Calculate the net income of the partnership, B.Show the allocation of net income each of the three partners. C.You must refer to relevant legislation and/or case law in your