5 MARKS ABC Pty Ltd operates a business in Sydney (NSW). During the 2020 tax year, company records show the following transactions: • On 1 July 2019 the company paid a dividend of $100,000 (franked to 60%) • On 1 August 2019 the company paid a fully franked dividend of $100,000 • On 1 September 2019 the company made a progress tax payment of $15,000 Required: Calculate the closing balance of ABC Pty Ltd’s franking account for the 2020 tax year. Be sure to provide explanation where relevant.