Question $4$ Monty $(32$ years old$)$ and Morris $(42$ years old$)$ expenses of the partnership are as follows: Income Business income are equal partners. Income $500,000$ and Expenses Interest $$ On capital $-$ paid equally to each partner $10,000$ To Monty for arm's length loan $3,900$ Operating expenses $($deductible under s$\mathrm{.}8-1)$ Salaries $150,000$ Staff $70,000$ Monty $40,000$ Morris $30,000$ Superannuation $$ Staff $6,300$ Monty $20,000$ Morris $10,000$ a$)$ Calculate the net income of the partnership. In addition to the information above, Monty paid the partnership $$2,000$ interest on drawings and Morris paid $$1,500.$ b$)$ Calculate the taxable income of each partner. c$)$ Re$-$calculate each of the above if the partnership had made a loss of $$30,000$ in the previous year. Morris had earned non$-$partnership income of $$50,000$ in the earlier year but Monty had no other non$-$ partnership income.