The following relates to a company's imputation credit for the income year ending 31 March 2020:

1/4/19: Opening balance of $5,000 (credit carried forward from previous year)

17/4/19: Payment of terminal income tax for 2015/16 of $52,000

27/05/19: Payment of final provisional instalment for 2017/18 of $51,000

31/07/19: Receipt of a partially imputed dividend from Company X ($24,000 of imputation credits attached to the dividend)

30/8/19: Payment of first provisional tax instalment for 2019/20 of $42,000

25/9/19: Payment of $72,000 fully imputed dividend (ie $28,000 of imputation credits allocated to the dividend)

19/10/19: Receipt of tax refund relating to the 2018/19 income year of $26,000

14/01/20: Payment of second provisional tax instalment for 2019/20 of $28,000

24/2/20: Receipt of trust distribution that includes a $72,000 fully imputed dividend

31/3/20: Closing balance (carried forward to following year)

The total debit entries in the Imputation Credit Account for the year ended 31 March 2020 is:

Select one:

a.$110,000

b.$225,000

c.$230,000

d.$54,000