Petrilli Ltd. had a taxable loss of $4,600,000 in 208 and a further loss of $240,000 in 209. The tax rate in 208 was 32% and in 209,33%. 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: 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 208 ? 2. What is the amount of the loss carryforward in 208 ? 3. Assuming that loss carryforward usage is probable in each year, prepare a journal entry for income tax in 208 and 209. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 1 Record the entry in loss year 208 when the provision is met. 2 Record the entry in loss year 209 when the provision is met