Wynn Sheet Metal reported an operating loss of $210,000 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	$	85,000		30	%		$	25,500
2015		95,000		30				28,500
2016		105,000		40				42,000
2017		85,000		45				38,250

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.) Tax $ Recorded as: Rate % 30% = $ Operating loss carryback Carried back - 2014 Carried back - 2015 Carried back - 2016 Carried back - 2017 Total carryback Operating loss carryforward Carried forward $ 0.00 View transaction list Journal entry worksheet Record 2018 income tax benefit from operating loss. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal 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: Future tax savings from loss carryforward Tax refund from loss carryback Net loss $ 0.00 Required 1 GJ Required 2 >