During 2021, its first yeat of operations. Baginski Steel Corporation reported a net operating lo5s of $448,000 for financial reporting and tax purposes. The enacted tax rate is 25% Required: 1. Prepare the journal entry to recognize the income tax benefit of the net operating loss. Assume the weight of avaliable evidence suggests that future taxable income will be sufficient to benefit from future deductible amounts arising from the net operating joss carryforward. 2. Show the lower portion of the 2021 income statement that reports the income tax benefit of the net operating loss: Complete this question by entering your answers in the tabs below. Prepare the joumal entry to recognize the income tax benefit of the net operating loss. Assume the weight of avallable evidence suggests that future taxable income will be sufficient to benefit from future deductible amounts arising from the net operating loss carryforward. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.)Journal entry worksheet Record 2021 income tax benefit from operating loss. Note: Enter debits before credits.Show the lower portion of the 2021 income statement that reports the income tax benefit of the net operating los to be deducted should be indicated with a minus sign. Enter your answers in whole dollars.).

1. During 2021, its first yeat of operations. Baginski Steel Corporation reported a net operating lo5s
of $448,000 for financial reporting and tax purposes. The enacted tax rate is 25% Required: 1.
Prepare the journal entry to recognize the income tax benefit of the net operating loss. Assume the
weight of avaliable evidence suggests that future taxable income will be sufficient to benefit from
future deductible amounts arising from the net operating joss carryforward. 2. Show the lower
portion of the 2021 income statement that reports the income tax benefit of the net operating loss:
Complete this question by entering your answers in the tabs below. Prepare the joumal entry to
recognize the income tax benefit of the net operating loss. Assume the weight of avallable
evidence suggests that future taxable income will be sufficient to benefit from future deductible
amounts arising from the net operating loss carryforward. (If no entry is required for a
transaction/event, select "No journal entry required" in the first account field. Enter your answers in
whole dollars.)Journal entry worksheet Record 2021 income tax benefit from operating loss. Note:
Enter debits before credits.Show the lower portion of the 2021 income statement that reports the
income tax benefit of the net operating los to be deducted should be indicated with a minus sign.
Enter your answers in whole dollars.)