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Wynn Sheet Metal reported a net operating loss of $130,000 for financial reporting and tax purposes In 2018. The enacted tax rate is 30%. Taxable

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Wynn Sheet Metal reported a net operating loss of $130,000 for financial reporting and tax purposes In 2018. The enacted tax rate is 30%. Taxable income, tax rates, and income taxes paid in wynn's first four years of operation were as follows: Taxable Tax Income Taxes Income Rates Paid 2014 $75,000 20% $15,000 2015 85,000 20 2016 95,800 38 2017 75,800 4 17,800 28,500 30,800 Required 1. Prepare the journal entry to recognize the income tax beneflt 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 beneflt of the net operating loss. 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. Wynn elects the carryback option. (If no entry is your answers to 1 decimal place) elect No journal entry required" in the first account field. Enter your answers in thousands and round View transaction list View journal entry worksheet No Event General Journal Debit Credit Receivable -Income tax refund income tax benefit-Net operating loss Recluse d Required 2 ynn Sheet Metal reported a net operating loss of $130,000 for financial reporting and tax purposes in 2018. The er 0%. Taxable income, tax rates, and income taxes paid in wynn's first four years of operation were as follows: Taxable Tax Income Taxes Income Rates Paid 2014 $75,000 20% $15,000 2015 85,000 20 2016 95,000 30 2017 75,000 4 17,000 28,500 30,000 Required: 1. Prepare the journal entry to recognize the income tax benetit of the net operating loss. Wynn elects the carryback 2. Show the lower portion of the 2018 Income statement that reports the income tax benefit of the net operating loss Complete this question by entering your answers in the tabs below. Required 1 Required 2 Show the lower portion of the 2018 income statement that reports the income tax benefit of the net operating loss. (Amou to be deducted should be indicated with a minus sign. Enter your answers in thousands and round your answers to 1 decin place.) Income tax benefit-net operating loss Operating loss before income taxes Net loss S 0.0

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