Question #3 - Income Taxes (4 marks) Rai had the following tax information: Year Tax Rate 2016 2017 2018 2019 Taxable income 400,000 392,000 314,000 500,000 25% 31% 30% Taxes Paid $100,000 121,520 94,200 150,209 30% In 2020, Rai suffered a net operating loss of $685,000, which it decided to carry back. The 2020 enacted tax rate is 27%. Prepare the entry to record the effect of the loss carry back