Question: Answer in type written please. Thank you Question E In March of Year 1, Sally Rogers and Peter Dean began a business partnership. Each contributes

Answer in type written please. Thank you

Answer in type written please. Thank you Question E In March of

Question E In March of Year 1, Sally Rogers and Peter Dean began a business partnership. Each contributes cash of $75,000 and agrees to share income and losses equally. The following information is provided for the first scal year of the partnership. a) The partnership net income of $328,000 consisted of the following sources of income: Business income $300,000 Eligible dividends 20,000 Taxable capital gains 10,000 Allowable capital losses (2,000) $328,000 b) In addition, the partnership received a tax free capital dividend of 812,000 and donated $3,000 to registered charities. c) Each partnertakes draws totaling $60,000. Determine the adjusted cost base for the partnership interest of each of the partners at January 1, Year 2

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