Petrilli Ltd had a taxable loss of $3,700,000 in 20X8 and a further loss of $150,000 in 20X9. The tax rate in 20x8 was 32% and in 20x9,33%. All rates are enacted in the year to which they pertain in the three years before the losses, the company had the following taxable income and tax rates Taxable income Tax rate 20X5 20x6 20x7 $1,302,400 $1,405,000 $525,200 36% 38 40% There are no temporary differences other than those created by income tax losses. The company was struggling due to a competitor entering the market Required: 1. What is the amount of refund that will be claimed in 20x8