Turning Circle Driving School Pty Ltd, a base rate entity, prepared the following Income Statement for 2023/24 INCOME Gross fees Fully Frank Dividend - note 3 Unfranked Dividend EXPENSES Fines & Penalties Depreciation - note 1 Other Deductible expenditure NET PROFIT $950,000 $3,500 $2,000 $3,000 $77,000 $484,000 $955,500 $564,000 $391,500 Note 1 The deduction for decline in value using tax rates was $111,000. Note 2 The company commenced business in 2018 as a limousine service. On 27 August 2021, all the company's shares were sold to the Bean family. On 18 October 2022, the company ceased its limousine service and began operating as a driving instructor service. The company had incurred the following tax losses: 2020/21 $40000 2021/22 $50000 2022/23 $20000

Note 3 REQUIRED: Franking credit was $1,500. Using the template provided: (a) Prepare a statement reconciling net profit with taxable income for the 2023/24 tax year. (b) Calculate tax payable for the 2023/24 tax year.