Assume on 1 July 2020, the balance in Baby Hub Pty Ltds franking account was $50,000.

30/6/2021:

• A dividend of $100,000 received from Jumbuck Bank Ltd (an Australian resident public company for taxpurposes) franked to 50%.
• An unfranked dividend of $50,000 from Toy Best Ltd (an Australian resident public company for tax purposes)
• A non-portfolio dividend of $60,000 from Baby Hub Can Ltd, Baby Hubs wholly owned subsidiary resident in Canada. The non-portfolio divided of $60,000 was non-assessable non-exempt income to Baby Hub Pty Ltd underITAA 1936 s23AJ.
• Baby Hub also holds 10 units in the Toddler Toy Unit Trust. Under the terms of the unit trust Baby Hub is entitled to distributions of 10% of the income of the unit trust. The income of the trust estate for the year ended 30 June 2021 was $220,000 (assessable income), and the net income of the trust estate was $200,000 (taxable income).

• 2021 Baby Hub Pty Ltd paid a total of $120,000 in instalments of tax (you can assume these were made in equal instalments)

On an excel spreadsheet, construct Baby Hubs franking account for the 2019-20 financial year, and calculate the franking account balance as at 30 June 2021 and 31 October 2021.