Question 4 (7 marks) (Note this question is from the Week 10 Tutorial) Michael and Jenny are in a partnership. The partnership records, exclusive of GST, for the year ended 30 June 2020 are as follows: ($) Receipts 440,000 Gross receipts from Trading Stock ($) Payments 120,000 Purchases of Trading Stock 50,000 Partners' salaries (each) 3,000 Interest on a cash advance made to the partnership by Michael 100,000 Salaries for employees and rent paid 1,000 Legal expenses in recovering bad debts Other important details are stated below: Michael and Jenny share partnership profits equally Trading Stock on hand as at 1 July 2019 was $50,000 Trading stock on hand as at 30 June 2020 was $80,000 Michael's personal records include: o Gambling winnings of $500 o Net salary as a part-time Instructor (excluding PAYG Tax Instalments of $1,400) is $8,000 o Subscription to professional journals of $200 o Michael is a member of a private health fund Required: Calculate Michael 's Taxable income for the income year explaining your treatment of each item noted in this question. (7 marks. Word limit: Minimum of 120 words. Maximum of 150 words)