Question 2 Janice and Jonathon operate a self-service car wash facility in partnership, sharing profits equally. In the year of assessment, 2014, profits of the car wash were $4 400 000, after charging: Depreciation $250 000; partners' drawings $1 000 000; GCT interest penalty $50 000; interest on capital - Janice $200 000, Jonathon $350 000. Capital allowances have been computed at $580 000. Jonathon is 65 and received a pension income of $72 000. Janice received professional fees for a consultancy - gross of $250 000. During 2014, Janice and Jonathon paid estimated taxes of $130 000 and $90 000, respectively. Show each partner's share of profit for taxation purposes. (Total 20 marks) Question 2 Janice and Jonathon operate a self-service car wash facility in partnership, sharing profits equally. In the year of assessment, 2014, profits of the car wash were $4 400 000, after charging: Depreciation $250 000; partners' drawings $1 000 000; GCT interest penalty $50 000; interest on capital - Janice $200 000, Jonathon $350 000. Capital allowances have been computed at $580 000. Jonathon is 65 and received a pension income of $72 000. Janice received professional fees for a consultancy - gross of $250 000. During 2014, Janice and Jonathon paid estimated taxes of $130 000 and $90 000, respectively. Show each partner's share of profit for taxation purposes. (Total 20 marks)