In the first year of operations, a company reported taxable income of $160,000 and paid $32,000 of income taxes. It is now the end of the second year, and the company has a loss of $300,000 for tax purposes. The company's management believes it is probable the company will be able to use up its tax losses. The tax rate is currently 25% and will be for years to come. Assume that the company carries back its losses to the greatest extent possible. (a) - Compute the amounts of income tax receivable to record in the current year