Wynn Sheet Metal reported an operating loss of $204,000 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	$	82,000		30	%		$	24,600
2015		92,000		30				27,600
2016		102,000		40				40,800
2017		82,000		45				36,900

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.

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

ALSO, record 2018 income tax benefit from operating loss. (Journal Entry)

2. Show the lower portion of the 2018 income statement that reports the income tax benefit of the operating loss.