2.	Show the lower portion of the 2016 income statement that reports the income tax benefit of the operating loss. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.)

Wynn Sheet Metal reported an operating loss of $186,000 for financial reporting and tax purposes in 2016. The enacted tax rate is 40%. Taxable income, tax rates, and income taxes paid in Wynn's first four years of operation were as follows: Taxable Tax Income Taxes Rates Income Paid 73,000 21,900 2012 30% 30 24,900 2013 83,000 2014 93,000 37,200 40 73,000 32,850 2015 45 Required: 1. Complete the following table given below and prepare the journal entry to recognize the income tax benefit of the operating loss. Wynn elects the carryback option. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands. Leave no cell blank, enter "O" wherever applicable.) Tax S Rate operating loss carryback Recorded as: S 0 x 30% 0 Carried back 2012 0 x 30% 0 Carried back 2013 X 40% 0 Carried back 2014. X Carried back 2015 45% 0 Total carryback operating loss carryforward E Carried forward