Can you do problem E 16-21 with the new tax laws (only cary forward, not carrying back)? Chapter 16, page 950.

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 $60,000 70,000 80,000 60,000 Tax Rates 30% 30 40 45 Income Taxes Paid $18,000 21,000 32,000 27,000 2014 2015 2016 2017 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