QUESTION 1 5points Save Answer On 1 April 2024, Chandi and Paul registered the C P Partnership (\"the Partnership\") with Inland Revenue. The Partnership began advertising their former home in Dunedin (\"the Apartment\") for rent via Airbnb from 2 April 2024. The Partnership has a non-standard balance date of 30 June. Accordingly, it needs to determine its taxable income for its 2024 tax year ending 30 June 2024. During this 3-month period, Chandi and Paul stayed in the Apartment 9 days. They did not start renting until 2 April 2024, but for the remaining 81 days in the period the Apartment was either rented or available for rent for the remaining 81 days in the period. For the 90-day period (2 April to 30 June), the Partnership received $24,000 of Airbnb income. Included in the $24,000 is deposits of $2,000 for stays that occurred after 30 June 2024. These deposits become non-fundable from 7 days before the guest's stay commences and are retained as a cancellation penalty if the guest cancels their booking. Details of the deposits held at 30 June 2024 are as follows: Deposit 1 was $500 for a stay commencing 3 July 2024 Deposit 2 was $1,500 for a stay commencing 1 August 2024 For the 90-day period (2 April to 30 June 2024) the Partnership paid the following expenses in relation to the Apartment Airbnb Commission $720 Broadband connection $300 Rates $1,200 Insurance $600 Electricity $1,500 Repair broken window $400 Repaint bathroom $2,500 Purchase new television $4,000 The expenditure to repair the broken window and repaint the bathroom. In addition, the Partnership had a $750 invoice received in June 2024 and payable on 20 July 2024 (which is still unpaid) for plumbing work relating to damage caused to the bathroom by Airbnb guests. What is the Partnership's annual gross income for the period ended 30 June 2024? What is the Partnership's annual total deductions for the period ended 30 June 2024? What is the Partnership's net income and/or net loss for the period ended 30 June 2024? What is the Partnership's taxable income for the period ended 30 June 2024