Assume that the Kelso Company operates in an industry for which NOL carryback is allowed. The Kelso Company had the following operating results:

Year income (loss)Tax rate Income tax

201944,000 35%15,400 first year of operations

202052,000 30%15,600

2021(67,000) 25%0

What is the income tax refund receivable?

$21,550

$26,800

$22,300

$20,800