The following questions are based on the material in Chapter 3: Q3. (Allocation of Partnership Net Income) Sue, Prue, Lou and Emmet operate a transport company in the ratio 4:3:2:1. Their assessable income for the 2017/18 tax year amounted to $780,000 while they had $300,000 of deductions. Their partnership agreement states that all profits and losses are to be shared in the ratio 4:3:2:1 after adjusting for partner's salaries, travel allowances and interest on capital. The following data was extracted from their financial records: Interest on Capital Sue $ 12,000 Prue 15,000 Lou 5,000 Emmet 3,000 Partner's Salaries Sue 65,000 Prue 50,000 Emmet 20,000 Travel Allowances Sue 4,000 Emmet 6,000 Required: Based on the above information, complete the table calculating each partner's share of partnership net income under the terms of the partnership agreement. Sue Prue Lou Emmet Total $ Interest on Capital Partners' Salaries Travel Allowances Share of Adjusted Net