OF stion 36 Open ended question (22 Marks) vet wered John has recently become eligible for the Age Pension. On 1 July 2018, he purchased a lifetime annuity for $50,000 that provides $5,000 pension per annum. He has the following assets and liabilities as at 1 July 2019: ed out of Details Amount ($) Personal residence 410,000 Funeral bonds 50,000 Motor vehicle 20,000 Household and personal effects 20,000 Holiday home 250,000 Term deposit at 2.00% 30,000 Share portfolio at 3.50% 60,000 Debentures at 5.00% 30,000 Art and Antiques 40,000 Personal loan on Motor vehicle 5,000 On 1 August 2019, he decided to gift one of his relatives $20,000. John has a part-time job with his local art dealer and is earning $90 per week. John has come to see you for advice on 3 August 2019 for his Age Pension entitlement. Note: To solve this question, you are required to use the age pension rates provided in the 'Formulae and additional information' sheet available on the Moodle page. Required: a) Calculate John's assessable assets and financial assets. (7 marks) b) Calculate John's Age Pension entitlement. (8 marks) c) Calculate John's total gross income from all sources on annual basis. (4 marks) d) : Discuss any legal strategies that you can suggest to assist John to maximise his pension entitlement