Edward started a business as a primary producer in Year 1. Trading results until the current year are as follows: Year ended 30 June Trading profit $ Year 1 Profit 8,000 Year 2 Profit 6,000 Year 3 Profit $6,000 Year 4 Loss 2,000 Year 5 Profit 10,000 Year 6 Profit 12,000 Year 7 Profit 20,000 Required: What is Edward's first year of averaging and what is the average income (if any) in the current year?

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