Wynn Sheet Metal reported an operating loss of $184,000 for financial reporting and tax purposes in 2018. The enacted tax rate is 40%. Taxable income, tax rates, and income taxes paid in Wynns first four years of operation were as follows:

	Taxable Income			Tax Rates			Income Taxes Paid
2014	$	72,000		30	%		$	21,600
2015		82,000		30				24,600
2016		92,000		40				36,800
2017		72,000		45				32,400

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 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		x		=	$0
Carried back - 2015		x		=	0
Carried back - 2016		x		=
Carried back - 2017		x		=
Total carryback					$0.00
Operating loss carryforward
Carried forward		x		=

1. 1 GJ Record 2018 income tax benefit from operating loss.

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.)

Income tax benefit:
		0.00
		$0.00