Question 6: Sole Proprietorship & Partnership (10 Marks) Samuel Lighthouse runs a small accounting proprietorship. You have been provided with the following financial information pertaining to his business: Sales $150,000 Cost of goods sold 80,000 Advertising in a local paper 1,000 2,000 Advertising in a U.S. newspaper directed at Canadians living in the U.S. Meals and entertainment 10,000 2,500 Property taxes on a vacant piece of land (which earns no income) adjacent to the business Golf course fees for Samuel 1,500 2,000 Cost of one convention held on a cruise ship in the Mediterranean Sea sponsored by a Canadian fishing association. Required: A) Calculate the net income for tax purposes for Samuel's proprietorship. B) Explain why any items have been omitted. C) Briefly discuss how your answer would change if Samuel had an equal business partner, named Sally Watson