Fry and Pam are equal partners in a business partnership. They are both $34$ years old. Pam works $5$ days a week in the business while Fry only works on Saturdays.The income and expenses of the partnership are as follows:IncomeSalesInterest from bank account$$230,0007,200$ExpensesOperating costs deductible under s$\mathrm{.}8-1$Staff salariesPam's salaryFry's salaryStaff superannuationPam's superannuationFry's superannuation$85,00050,00053,0008\mathrm{.}0004,50012,0001050$REQUIRED:Calculate the net income of the partnership, the partnership distribution of each partner and the taxable income of each partner.Assume further that Pam earned no other income, but Fry earned a salary of $$56,000$ from his full$-$time job. Fry also had PAY withholdings of $15,000.$