Giggles Pty Ltd, a resident Australian company, recorded the following transactions for the 2020/2021 tax year. The closing franking account balance for the 2020 income year was $20,000 surplus.

Date	Description	Amount $
1/8/20	Interim dividend paid, franked to 100%	21,000
18/9/20	Dividend received, franked to 75%	10,500
21/10/20	GST net refund	22,500
30/11/20	Income tax paid for FY2019	45,000
21/4/21	FBT paid	34,500
20/5/21	Final dividend paid, franked to 80%	70,000

Required:

Prepare the company franking account for the income year ending 30 June 2021. Explain the effect of each of the items listed above. Assume all corporate income tax rates are 30%.