Exercise 16-21 Net operating loss carryback [LO16-7] Wynn Sheet Metal reported a net operating loss of $106,000 for financial reporting and tax purposes in 2016. The enacted tax rate is 30%. Taxable income, tax rates, and income taxes paid in Wynn's first four years of operation were as follows Taxable Income 2012 $ 63,000 2013 73,000 2014 83.000 2015 63,000 Tax Rates 20% $ 12,600 20 30 Income Taxes Paid 14,600 24,900 25,200 Required 1. Prepare the journal entry to recognize the income tax benefit of the net 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 and round your answers to 1 decimal place.) View transaction list View journal entry worksheet Event General Journal Debit Credit Receivable-Income tax refund Income tax benefit-Net operating loss