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Wynn Sheet Metal reported a net operating loss of $100,000 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 Income Tax Rates Income Taxes Paid 2014.................$60,000...................30%....................$18,000 2015..................70,000....................30.......................21,000 2016..................80,000....................40.......................32,000 2017..................60,000....................45.......................27,000 Required: 1. Prepare the journal entry to recognize the income tax benefit of the net 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 net operating loss.
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