Cero Pty Ltd (Cero) is not a Small Business Entity nor a Base Rate Entity. It has an opening balance of 0 (nil) in its franking account. During the 2019/20 tax year, the company recorded the following transactions:

Date	Item	Amount	Franking Credit($)
1/7/19	Paid dividend	350000	105000
1/8/19	Received a 90% franked dividend from a Small Business Entity	30000	To be calculated
1/9/19	Received a 60% franked dividend from a Large ASX listed Company	400,000	To be calculated
1/11/19	Paid dividend	700,000	300,000
Monthly	Monthly PAYG instalments paid	32,500	To be calculated
Monthly	Monthly GST amount paid	60,000	To be calculated
1/3/20	Paid dividend	350,000	75,000

Required a) Calculate the franking percentages for each of the dividends paid by Cero Pty Ltd during the year ending 30 June 2020. b) Explain the effect on Ceros franking account arising from the dividend paid on 1/11/19. c) Explain the effect on Ceros franking account arising from the dividend paid on 1/3/20. d) Calculate the franking credit arising from the dividend received on 1/8/19 and explain the effect of this dividend on Ceros franking account. e) Calculate the franking credit arising from the dividend received on 1/9/19 and explain the effect of this dividend on Ceros franking account. f) Explain the effect on Ceros franking account arising from the PAYG instalments paid. . g) Calculate the closing balance in Ceros franking account for the year ending 30 June 2020. h) Explain the consequences (if any) arising from the closing balance you calculated.