apter 16 i Saved Help Save & Ex Chec During its first year of operations, Sive.com reported a net operating loss of $7 million for financial reporting and tax purposes. The enacted tax rate is 25% Prepare the journal entry to recognize the income tax benefit of the net operating loss. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet 100% o search