QUESTION 6 Browns Pty Ltd, an investment company, paid the following dividends to shareholders: $35,000 fully franked on 15 July 2018 $35,000 fully franked on 15 January 2019 $21,000 unfranked paid on 15 July 2019 (declared on 20 June 2019) Franking account balance at 30 June 2018 was $8,500 credit REQUIRED: Using the template provided: (a) Prepare a franking account (b) (c) How much (if any) franking deficit tax will be payable by Browns? How much of the franking deficit tax can be used to offset future tax liabilities (show calculation)? Part B - Answer to Q6 Note- Please show all workings where necessary and you may use additional space below Please write your workings/explanations and answers in Blue cells (a) Franking account Date Transaction Debit Credit Balance (b) How much (if any) franking deficit tax will be payable by Browns? (c) How much of the franking deficit tax can be used to offset future tax liabilities (show calculation below)