The following information relates to Eagles Ltd. who had a credit balance of $10,000 in their franking account at 30 June 2019. DATE ITEM $ Company Tax Paid 1 December 2019 Payment of company tax 70,000 Other Taxes Paid 28 April 2020 Fringe benefits tax paid 35,000 Dividends Received 10 August 2019 Receipt of an unfranked dividend from a public company 60,000 20 October 2019 Receipt of a fully franked dividend from a private company 105,000 16 April 2020 Receipt of dividend franked to 70% from a private company 200,000 Dividends Paid 30 September 2019 Payment of dividend franked to 80% 140,000 18 June 2020 Payment of dividend franked to 50% 420,000

Required: Based on the information provided by Eagles Pty Ltd, the directors have asked you to prepare a running balance franking account for the year ended 30 June 2020. They are also seeking an explanation on the effect of each listed item in the information they have provided to you.