12 During 2018, its first year of operations, Baginski Steel Corporation reported a net operating loss of $500,000 for financial reporting and tax purposes. The enacted tax rate is 40% Required: 1. Prepare the journal entry to recognize the income tax benefit of the net operating loss. Assume the weight of available evidence suggests future taxable income sufficient to benefit from future deductible amounts from the net operating loss carryforward. 2. Show the lower portion of the 2018 income statement that reports the income tax benefit of the net operating loss. 10 points Skipped Complete this question by entering your answers in the tabs below eBook Hint Print Required 1 Required 2 Prepare the journal entry to recognize the income tax benefit of the net operating loss. Assume the weight of available evidence suggests future taxable income sufficient to benefit from future deductible amounts from the net operating loss carryforward. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands.) Show lessA View transaction list Journal entry worksheet Mc Graw Next Pre 12 of 16 nle suteeprts the income tax benefit of the net operating loss. Complete this question by entering your answers in the tabs below. Required 1 Required 2 ed Prepare the journal entry to recognize the income tax benefit of the net operating loss. Assume the weight of available evidence suggests future taxable income sufficient to benefit from future deductible amounts from the net operating loss carryforward. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands.) Show less View transaction list ces X: Import a new list 1 Record 2018 income tax benefit from operating loss. Next 12. During 2018, its first year of operations, Baginski Steel Corporation reported a net operating loss of $500,000 for financial reporting and tax purposes. The enacted tax rate is 40%. Required 1. Prepare the journal entry to recognize the income tax benefit of the net operating loss. Assume the weight of available evidence suggests future taxable income sufficient to benefit from future deductible amounts from the net operating loss carryforward. 2. Show the lower portion of the 2018 income statement that reports the income tax benefit of the net operating loss. 10 points Skipped eBook Complete this question by entering your answers in the tabs below Hint Print Required 1 Required 2 References Show the lower portion of the 2018 income statement that reports the income tax benefit of the net operating loss. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.) Required 1