Petrilli Ltd had a taxable loss of $3,800.000 in 20x8 and a further loss of $160,000 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 2006 20x7 31,337,600 $1,444,000 5562,000 36% 30% 40K 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? Refund amount 2. What is the amount of the loss carryforward in 20X8? The amount of the tax loss carryforward Journal entry worksheet 1 2 Record the entry in loss year 20x8 when the provision is met. Note: Enter debits before credits. Date General Journal Debit Credit 20X8 Punto Content Venetom Saved Journal entry worksheet 1 2 Record the entry in loss year 20X9 when the provision is met. Note: Enter debits before credits. Date General Journal Debit Credit 20X9 Record entre COM Veneral tournal Prey 4 a 4 Nex Journal entry worksheet 1 2 Record the entry in loss year 20x8 when the provision is not met. Notes Enter debits before credits. Date General Journal Debit Credit 20X8