QUESTION 8 Rainbow Ltd is a resident public company that has made the following payments and provisions during the 2018/19 tax year: On 18 July 2018, franking deficit tax of $5,000 was paid for the 2017/18 franking account. Credit entries during 2017/18 totalled $80,000 On 23 June 2019, a final dividend is declared of $18,000. It is to be fully franked and paid on 7 July 2019. Required For each of these transactions, state the amount of any entry to the franking account of Rainbow Ltd and whether the entry (if any) is a debit or a credit for the year ended 30 June 2019. Also clearly explain the consequences of tax in relation to FDT. (8 Marks)