Wynn Sheet Metal reported an operating loss of $186,000 for financial reporting and tax purposes in 2016. 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
2012	$	73,000	30	%	$	21,900
2013		83,000	30			24,900
2014		93,000	40			37,200
2015		73,000	45			32,850
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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands. Leave no cell blank, enter "0" wherever applicable.)

Operating loss carryback Rate % Tax $ Recorded as: Carried back 2012 Carried back 2013 Carried back 2014 Carried back- 2015 Total carryback 0 Operating loss carryforward Carried forward view transaction listview general journal Journal Entry Worksheet Record 2016 income tax benefit from operating loss Event General Journal Debit Credit Enter debits before credits done clear ern record entry