During year 1, its first year of operations, SLN Steel Corporation reported a net operating loss of $400,000 for financial reporting and tax purposes. The enacted tax rate is 40%. Required: 1. Prepare the journal entry to recognize the income tax benefit of the net operating loss. Assume the weight of available evidence suggests future taxable income sufficient to benefit from future deductible amounts from the net operating loss carryforward. 2. Show the lower portion of the year 1 income statement that reports the income tax benefit of the net operating loss