Bit Co (a resident private company) owns 20% of the shares in Bot Co (a resident public company). Both companies have a corporate tax rate of 30% and a corporate tax rate for imputation purposes of 30%. Bot Co pays Bit Co a $70,000 dividend which has $12,000 of franking credits allocated to it (ie the franking percentage of the dividend is 40%). What are the relevant franking account entries for Bit Co and Bot Co? Assuming this is the only receipt of Bit Co, how much tax will it be required to pay? How would your answer be different if Bit Co was a resident base rate entity? Also, how would your answer be different if Bit Co was a non-resident company