Q3. A resident public company, owned by two resident individuals, has an opening credit balance of $7,000 in its franking account during the current tax year. It has the following transactions in the current tax year: on 18 July, it paid a PAYG instalment of $30,000; on 29 August, it paid a $35,000 cash dividend franked to 80%; on 3 September, it received a $28,000 cash dividend franked to 90%; on 21 September, it paid a $7,000 cash dividend with franking credits of $1,800 attached on 2 February, it received an income tax refund of $18,000 from the Australian Taxation Office; on 10 March, it paid a $20,000 cash dividend franked to 95%; and it had a $90,000 PAYG instalment due on 21 April but did not pay it until 3 July in the following tax year. The company has an aggregated tumover of $60 million. Required: Prepare the company's franking account for the current tax year