Profitable Pty Ltd is a resident private company. It is not a small business entity. Required:

a) Prepare the franking account for the year ended 30 June 2022. b) Calculate any additional taxes and penalties (if any) that may need to be paid. 01/07/21 Received unfranked dividend from D Ltd 3,000

01/09/21 Paid PAYG Instalment 5,000

Received 30% franked dividend from E Ltd 10,000 11/03/22 Paid interim dividend fully franked 20,000 15/03/22 Paid balance of company tax 3,000 01/04/22 Paid fringe benefits tax of 9,000 11/06/22 Received fully franked dividend from C Ltd 7,000 15/06/22 Paid final dividend franked to 80% 10,000 The entity had an opening franking account balance of $500 credit The entity was not granted any variations to its benchmark franking percentage