A resident company has an opening credit balance of $15,000 in its franking account as at 1 July 2019. It has the following transactions in the year: On 27 July 2019, it paid a PAYG instalment of $10,000 On 28 September 2019, it paid a $2,500 cash dividend franked to 90% On 18 November 2019, it received a fully franked $12,000 cash dividend On 19 May 2020, it paid $3,000 in FBT What is the closing balance in its franking account as at 30 June 2020?