Eurgher Ltd. had a taxable loss of

$354,000

in

20\\\\times 7

. The tax rate in

20\\\\times 7

is

32%

. In the past three years, the company had the following taxable income and tax rates:\ \\\\table[[Taxable income,

20\\\\times 4

,

20\\\\times 5

,

20\\\\times 6

Eurgher Ltd. had a taxable loss of $354,000 in 207. The tax rate in 207 is 32%. In the past three years, the company had the following taxable income and tax rates: 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 207, 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.)