Exercise #1 [20 points] The Cerulean Partnership has two partners. Misty, who is actively managing the partnership and receives an annual salary of $48,000 as a result. Because Ash has contributed most of the capital for the business, an interest allocation of $20,000 is made to recognize the capital contributions. The partnership agreement calls for the remaining profits, and all other allocations, to be split 60% to Misty and 40% to Ash. The salary and interest amounts are deducted in the determination of accounting income and withdrawn by the partners during the course of the year. During the taxation year ending December 31, 2021, the partnership's accounting income is $280,000. Other relevant information is as follows: The accountant deducted amortization of $52,000. Maximum CCA is $58,400. Accounting income includes a deduction for charitable donations of $3,800. Accounting income includes a gain on the sale of land of $42,400. Required: Determine the amounts of business income for income tax purposes that will be allocated to Misty and Ash for the 2021 taxation year.