3 2935 danieldale road lan X Connect Carrier Status Reporting . tacos don cuco menu . C x \ D Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate co During 2018, ns first year of operations, Baginski Steel Corporation reported a net operating loss of $480,000 for financial reporting and tax purposes. The enacted tax rate is 30%. Required: 1. Prepare the journal entry to recognize the income tax benefit of the net operating loss. Assume the weight of avallable evidence suggests future taxable income sufficient to benefit from future deductible amounts from the net operating loss carryforward 2. Show the lower portion of the 2018 income statement that reports the income tax benefit of the net operating loss. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1Required 2 of the net operating koss. Assume the weight of vailable evidence suggests future taxable income sufficient to benefit from future deductible amounts from the net operating loss carryforward. (If no entry is required for a transaction/event, select "No journal entry required" in the first account fisld. Enter your answers in thousands) Show less No Deferred revenue 144.000 Income tax beneft-Net operating loss 44,000 Required 2 > arch