Sue, Prue, Lou and Emmet operate a transport company in the ratio 4:3:2:1.

Their assessable income for the 2017/18 tax year amounted to $780,000 while they had $300,000 of deductions.

Their partnership agreement states that all profits and losses are to be shared in the ratio 4:3:2:1 after adjusting for partner's salaries, travel allowances and interest on capital.

The following data was extracted from their financial records:

Interest on Capital

Sue$ 12,000

Prue15,000

Lou5,000

Emmet3,000

Partner's Salaries

Sue65,000

Prue 50,000

Emmet20,000

Travel Allowances

Sue4,000

Emmet6,000

Required:

Based on the above information, complete the table calculating each partner's share of partnership net income under the terms of the partnership agreement.

Sue Prue Lou Emmet Total $ Interest on Capital

Partners' Salaries

Travel Allowances

Share of Adjusted Net Income

Total $