1.) Anita operates a large dancing school with 19 employees. She receives advance fee payments from students in respect of each course (a course consists of 12 lessons) If a student does not attend all of the lessons, Anita has a policy of refunding the unused portion of their tuition fee. For accounting purposes, Anita does not recognise fees received in advance as income until the actual lesson is provided. Anita has provided you with the following information for the year ended 31 December 2019:

i) Dancing fees received during the year: $60,000. Lessons not yet taught of this amount to $15,000.

ii) Interest of $5000 on a term deposit of $200,000 that matured on 30 September 2019. Anita did not directly receive the interest. She requested that the bank re-invest the principal and interest (a total of $205,000) for another 12 months.

Required

What should be Anitas total assessable income for the year ended 31 December 2019?