2. Partnership-calculation and distribution of partnership loss Romy and Michele operate a beauty salon as partners. Their assessable income for the 2015/16 tax year amounted to $280,000 while they had $290,000 of deductible overheads Their partnership agreement states that all profits and losses are to be shared in the ratio 2:1 after adjusting for partners' salaries, interest on capital and interest on drawings. Additional information The following amounts were also debited and credited to partners: interest paid on loan Romy $12,000 Interest on Capital Romy Michele $20,000 $15,000 $50,000 Partner's salary Michele (for managing the salon) Interest on Drawings Romy Michele $5,000 $8,000 Reguired a) Prepare a statement calculating each partner's share of partnership net income or loss. b) Michele also received net rental income of $35,000 from an investment property. Calculate Michele's taxable income