Question 5 (10 marks) had rebred so we c an choo wish to remain active and they investing hop h o be managed daughter Allos, who has ondas They forma partnership of three "Alice's Gift Shop Richard and Tracy contributed $40,000 sach to fund the purchase of the show The partnership agreement provides: Both Richard and Tracy are to receive interest at the rate of 10% pa 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 $6,000. A car will be leased by the business and provided to Alice. All profits and losses are to be shared equally between the three partners. The accounts for this income year show the following: 240.000 Income (5) Sales (excluding GST) Expenses ($) Cost of goods sold Interest on capital paid to Richard and Tracy Salary to Alice Superannuation to Alice Lease payments on car (excluding GST) Other deductible operating expenses (excluding GST) 130,000 8.000 25,000 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: Calculate the net income of the partnership. (6 marks) the location of net income to each of the three partners. (4 marks refer to relevant legislation and/or case law in your