QUESTION 10

1. Wei Pty Ltd is a company that has a credit balance of $10,000 in its franking account at 1 July 2019. It pays a PAYG instalment of $21,000 in respect of income from the previous year on 19 July 2019.

   It pays PAYG instalments in respect of income tax for the current year of:

   • 20 October - $19,000
   • 20 January - $18,500
   • 20 April - $20,500

   On 21 April 2020, the company declares and pays a fully franked dividend of $28,000 from profits.

   Calculate the balance of the companys franking account at 30 June 2020.

   		$68,000
   		$77,000
   		$12,000
   		$56,000
   		$89,000