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9 Wynn Sheet Metal reported an operating loss of $178,000 for financial reporting and tax purposes in 2018. The enacted tax rate is 40%. Taxable
9 Wynn Sheet Metal reported an operating loss of $178,000 for financial reporting and tax purposes in 2018. 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: ble Income Taxes x Paid aints Income Rates $69,000 79,000 89,000 69,000 30% $20,700 2014 2015 3 23,700 Skipped 2016 40 35,600 2017 45 31,050 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. 2. Show the lower portion of the 2018 income statement that reports the income tax benefit of the operating loss. eBook Print Complete this question by entering your answers in the tabs below. References Required Required 2 Required 1 GJ Calculation Complete the following table given below to record income taxes. (Enter your answers in thousands. Round your answers to two decimal places. Leave no cell blank, enter "0" wherever applicable.) Recorded as: Operating loss carryback Rate % Tax $ Carried back - 2014 0 X Carried back- 2015 -- Carried back 2016 X Carried back -2017 X Total carryback 0.00 Operating loss carryforward X Carried forward xxxx 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 2. Show the lower portion of the 2018 income statement that reports the income tax benefit of the operating loss. nts Complete this question by entering your answers in the tabs below. Skipped Required 1 Required 1 G) Required 2 Calculation eBook 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. Round your answers to two decimal places. Enter your answers in thousands.) Print View transaction list eferences Journal entry worksheet 1 Record 2018 income tax benefit from operating loss. Note: Enter debits before credits. Event General Journal Debit Credit 1 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. 2. Show the lower portion of the 2018 income statement that reports the income tax benefit of the operating loss. pints Complete this question by entering your answers in the tabs below. Skipped Required 1 Calculation Required 2 Required 1 GJ eBook Show the lower portion of the 2018 income statement that reports the income tax benefit of the operating loss. (Amounts to be deducted should be indicated with a minus sign. Round your answers to two decimal places. Enter your answers in thousands.) Print Income tax benefit: References 0.00 0.00 Required 2> Required 1 GJ
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