Brief Exercise 16-12 Net operating loss carryforward [LO16-7) 4 During its first year of operations, Nile.com reported a net operating loss of $15 milion for f enacted tax rate is 40 financial reporting and tax purposes. The fit of the net operating loss. (If no entry is required for a tra Prepare the journal entry to recognize the income tax select "No journal entry required in the first account field. Enter your answers in whole dollars) Journal entry worksheet Record the income tax beneft of the operating loss Nobe: Enter