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Wynn sheet metal reported an operating loss

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Wynn Sheet Metal reported an operating loss of $162,000 for financial reporting and tax purposes in 2016. 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
  2012     $ 61,000       30 %   $ 18,300     
  2013   71,000       30     21,300     
  2014   81,000       40     32,400     
  2015   61,000       45     27,450     

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.)

Reference no: EM131773457

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