T&C Printing is a stationery store operated in partnership by Tim and Caitlin. The partnership agreement provides the following: an annual salary of $38,500 to Caitlin for working full-time in the business interest to be paid at the rate of 15% on each partner's capital contribution with Tim contributing $90,000 and Caitlin $30,000 respectively, Apart from the above, Tim and Caitlin otherwise share partnership profits equally. Tim advanced $15,000 to the business as working capital on 1 May 2020. interest at the rate of 5% p.a. to be paid on any loan made to the partnership. The net profit (adjusted partnership net income) of the partnership after allowing for the above particular outlays and other operational expenses was $150,000 for the year ended 30 June 2021. Required (17 Marks) 1. Calculate partnership net income and the profit distribution to each partner. 2. Calculate each partner's assessable income.