Chapter 16 Exercise/Problem Assignments i Saved Help Save & Exit Submit Check my work 10 Wynn Sheet Metal reported a net operating loss of $132,000 for financial reporting and tax purposes in 2018. The enacted tax rate is 35%. Taxable income, tax rates, and income taxes paid in Wynn's first four years of operation were as follows: 0.9 points 2014 2015 2016 2017 Taxable Income $ 76,000 86,000 96,000 76,000 Tax Rates 25% 25 35 40 Income Taxes Paid $ 19,000 21,500 33,600 30, 400 eBook Hint Required: 1. Prepare the journal entry to recognize the income tax benefit of the net 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 net operating loss. Print Complete this question by entering your answers in the tabs below. References Required 1 Required 2 Prepare the journal entry to recognize the income tax benefit of the net operating loss. Wynn elects the carryback option. (It required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousand: your answers to 1 decimal place.) View transaction list Journal entry worksheet Record 2018 income tax benefit from operating loss. Note: Enter debits before credits. Event General Journal Debit Credit Chapter 16 Exercise/Problem Assignments i Saved Help Save & Exit Submit Check my work 10 Wynn Sheet Metal reported a net operating loss of $132,000 for financial reporting and tax purposes in 2018. The enacted tax rate is 35%. Taxable income, tax rates, and income taxes paid in Wynn's first four years of operation were as follows: 0.9 points Tax 2014 2015 2016 2017 Taxable Income $ 76,000 86,000 96,000 76,000 Rates 25% 25 35 40 Income Taxes Paid $19,000 21,500 33,600 30,400 eBook 000 Hint Required: 1. Prepare the journal entry to recognize the income tax benefit of the net 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 net operating loss. Print Complete this question by entering your answers in the tabs below. References Required 1 Required 2 Show the lower portion of the 2018 income statement that reports the income tax benefit of the net operating loss. (Amount to be deducted should be indicated with a minus sign. Enter your answers in thousands and round your answers to 1 decima place.) $ 0.0