Chris and Ray are business partners and share in profits and losses equally. They submit the following information to you: Item Amount Sales $505,000 Interest Income $5,000 Net Capital Gain $18,000 Salary to Sally (receptionist) $25,000 Rent for Office Space $30,000) Other expenses $75,000 Salary to Chris $60,000 Loan interest repayment to Ray ($10,000 Other Information: The Net Capital Gain was from disposal of an income producing asset that was held for more than 12 months and is not subject to indexation. The loan repayment to Ray was at market rates and the loan was used by the partnership to acquire an income producing asset (not the one disposed of for CGT). Required: Prepare a distribution statement and determine the taxable income (not tax payable) for Chris and Ray