Sales for the Australian trading company Rooney Enterprises Ltd. during the last financial year (2008) amounted to $3.5

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Sales for the Australian trading company Rooney Enterprises Ltd.
during the last financial year (2008) amounted to $3.5 million. The
company has a 5-year contract to provide the plastic studs that are
screwed into the bottom of football boots to all government primary
schools in Australia. The direct costs of Rooney Enterprises Ltd.
operations were $2.5 million and other operating expenses totalled
$700,000. In addition, the company also earned Australian sourced
interest income from investments of $45,000 and incurred interest
expenses on borrowings of $30,000. Dividends paid to shareholders
in the 2008 financial year (arising from profits earned in
financial years prior to the 2008 year) totalled $87,000. There is
also a loan of $395,000 currently owing to the bank as at the end
of the 2008 financial year. The company tax rate is 30%
(i) Calculate the tax liability of Rooney Enterprises Ltd. for
the 2008 financial year. (ii) Briefly justify the financial
transactions listed above that you have not included in your
calculation of the 2008 tax liability of Rooney Enterprises Ltd.
(Students should write no more than 100 words for this part of the
question).
What is the maximum amount of fully franked dividends that the
company could pay from its 2008 financial year net income?
What would be the amount of imputation credits associated with
the maximum dividend payment possible in part b) of this
question?