work During 2018, its first year of operations, Baginski Steel Corporation reported a net operating loss of $445,000 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 welght 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 2018 income statement that reports the income tax beneft of the net operating loss. 10 points Skipped Complete this question by entering your answers in the tabs below Required 1 Required 2 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 carryforward. (If no your answers in thousands.) deductible amounts from the net operating loss entry is required for a transaction/event, select No journal entry required" in the first account field. Enter View transaction list Journal entry worksheet Record 2018 income tax benefit from operating loss. K Prev12 of 12 Next>