Maddy and Maxie are running a coffee shop.. They agree that Maddy will receive a wage for operating the shop whilst Maxie will contribute $50,000 to finance the start-up and the balance of the profits and losses thereafter is to be split 40% to Maddy and 60% to Maxie. The accounts for the year ended 30 June 2020 were as follows:

The sale of Food and drinks received $250,000

Cost of consumables $80,000

Cost of rent $50,000

Wages to Maddy $40,000

There are no other relevant transactions.

What is the net income of the partnership?