Question: Clare is generally financially wise and has accumulated a considerable investment portfolio that includes shares and real property. In the current year, she received the following amounts from her share investments: Company Dividend ($) Franking Credit ($) It's Accrual World Ltd $8,000 - Make Everyday Account Ltd $12,000 $3,000 Excel at Everything Ltd $13,500 $4,200 Based on the above facts and relevant tax laws, how should Clare treat the amounts received from these investments? (Select the best answer) Dividends and franking credits totalling $40,700 should be recognised as assessable income, and franking credits totalling $7,200 should also be recognised as a refundable tax credit Dividends and franking credits totalling $32,700 should be recognised as assessable income, and franking credits totalling $7,200 should be recognised as an allowable deduction Only dividends totalling $25,500 should be recognised as assessable income and only franking credits totalling $7,200 should be recognised as allowable deductions. Clare needs to ask for details of the franking credits attached to It's Accrual World Ltd's dividend Only dividends totalling $33,500 should be recognised as assessable income and then franking credits totalling $7,200 should be recognised as a refundable tax credit