TR17-1 Loss Carryback (LO 17-1) Burgher Ltd. had a taxable loss of $324,000 in 20x7. The tax rate in 20x7 is 32%. In the past three years, the company had the following taxable income and tax rates: Taxable incone Tax rate zex 20x5 20X6 $216,000 $129,600 556,400 36% 38% 40% There are no temporary differences other than those created by income tax losses Required: 1 What is the amount of refund that will be claimed in 20x7. taking the loss back to the oldest possible year first? Provide the journal entry for Income tax receivable in 20x7. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Fofundam View transaction list Journal entry worksheet 1 Record the entry for income tax recoverable Note: Enter debits before credits Date General Journal Debit Credit 20x7 Record entry Clear entry View general joumal 2. Is there a different pattern for claiming a refund that the company could use? Recalculate the refund and provide the journal entry under this assumption. (If no entry is required for a transaction/event, select "No journal entry required in the first account field) Refund amount View transaction Journal entry worksheet 1 Record the entry for income tax recoverable. Enter debit before sets Debit Credit General Journal Date 20x7