: Rayburn Inc. reports a tax loss of $150,000 for Year 8. The corporation's taxable income and tax rate for the last two years was:

Year Taxable income Tax rate

Year 6 $200,000 20%

Year 7 200,000 25%

The Year 8 tax rate is 30%. If Rayburn elects to use the carry-back provisions, provide the tax journal entry for Rayburn for Year 8.