Question #21 - Partnership Income Allocation (2 marks) Dagne Rayson and Sara Lockhart are both doctors. As Dagne is the more experienced pr agreement calls for her to receive a salary of $60,000 per year, with remaining profits split partners. For the current year, the Income Statement in the accounting records for the partnershi Rayson and Lockhart - Partnership Income Statement Current Year Ending December 31, 2019 Revenues Actual Eligible (15% gu) Dividends Received from Canadian Corporations Gain on Sale of Shares of Canadian Public Corporations Total Revenues Expenses: Salary to D Rayson Salaries to office staff Office rent Office supplies CCA on office equipment Charitable donations Drawings by D Rayson Drawings by S Lockhart Net Income The current revenues include the December 31, 2019 balance of work in process of $120,000. as at the previous December 31, 2018 year end was 80,000, and this amount was included in th that year. While the two partners have chosen to include work in process as a revenue in the they have elected under ITA 34 to exclude these amounts from their Net Income for Tax Purpose Required: Calculate the minimum Net Business Income for the partnership's current year and indicate the to each partner's Net Income for Tax Purposes as a result of belonging to the partnership d marks)