Wynn Sheet Metal reported an operating loss of $164,000 for financial reporting and tax purposes in 2018. The enacted tax rate is 40%. 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 $62,000 $18,600 2015 72,000 30 21,600 2016 82,000 32,800 2017 62,000 45 27,900 389 40 Required: 1. Complete the following table given below and prepare the journal entry to recognize the income tax benefit of the 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 operating loss. Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 GJ Required 2 Complete the following table given below to record income taxes. (Enter your answers in thousands. Round your answers to two decimal places. Leave no cell blank, enter "0" wherever applicable.) Operating loss carryback Rate % Tax $ Recorded as: Carried back - 2014 = $ 0 Carried back - 2015 0 Carried back-2016 Carried back - 2017 Total carryback $ 0.00 Operating loss carryforward X 2016 2017 82,000 62,000 40 45 32,800 27,900 Required: 1. Complete the following table given below and prepare the journal entry to recognize the income tax benefit of the 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 operating loss. Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 G Required 2 Complete the following table given below to record income taxes. (Enter your answers in thousands. Round your answers to two decimal places. Leave no cell blank, enter "0" wherever applicable.) 5 Rate % Recorded as: Tax S $ 0 0 X Operating loss carryback Carried back - 2014 Carried back - 2015 Carried back - 2016 Carried back - 2017 Total carryback Operating loss carryforward Carried forward $ 0.00 Required 1 Calculation Required 1GJ > Required 1 Calculation Required 1 G Required 2 Prepare the journal entry to recognize the income tax benefit of the operating loss. Wynn elects the carryback option. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Round your answers to two decimal places. Enter your answers in thousands.) View transaction list Journal entry worksheet > Record 2018 income tax benefit from operating loss. Note: Enter debits before credits Debit Credit Event General Journal 1 No journal entry required Accounts payable Accounts receivable View general Journal Recorded Accumulated depreciation 1. Complete the following table given below and prepare the journal entry to recognize the income tax benefit of the 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 operating loss. Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 GJ Required 2 Show the lower portion of the 2018 income statement that reports the income tax benefit of the operating loss. (Amounts to be deducted should be indicated with a minus sign. Round your answers to two decimal places. Enter your answers in thousands.) Operating loss before income taxes Income tax benefit: Tax refund from loss carryback 0.00 $ 0.00 Net loss
