John Sharo, a solicitor, died on 30 june 2018. Under the terms of the trust created by his will, the income of his estate is ti be divided as follows:

-Half to his widow, Kim

-One-quarter to his sin, Peter

-One-quarter to his daughter, Emma

John's will also provide that Kim and Peter are to be entitled to their shares absolutely, while the share for emma is to be accumulated until she is over the age of 21 years.

During the year ended 30 june 2020, the receipts and payments of the trustee under John's will were as follows:

Receipts:

Bank Interest $26,000

Rent from office building $110,000

Fully franked dividend from NRMA, a tax-resident company $4,000

Payments:

Rates and taxes on office building $9,600

Wages to caretaker of office building $20,000

Minor repair to office building $2,400

Alterations and extensions to office building completed 1.7.2019 $26,000

As at 30 June 2020. Peter and Emma were aged 17 years and 20 years respectively. Peter attends high school and receive no other income.

CALCULATE the net income of the trust for the year ended 30 june 2020. MUST show all the workings.