Burgher Ltd. had a taxable loss of $360,000 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 20X4 20x5 20X6 $ 240,000 $144,000 $96,000 36% 38 % 40% 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 recevable in 20x7. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) Refund amount