Burgher Ltd. had a taxable loss of $354,000 in 20X7. The tax rate in 20X7 is 32%. In the past three years, the company had the following taxable income and tax rates: Taxable income Tax rate 20X6 20X4 20X5 $236,000 $141,600 $94,400 40% 36% 38% There are no temporary differences other than those created by income tax losses. Required: 1. What is the amount of refund that will be claimed in 20X7, taking the loss back to the oldest possible year, first? Provide the journal entry for income tax receivable in 20X7. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Refund amount View transaction list Record the entry for income tax recoverable.