Exercise 16-22 Net operating loss carryback and carryforward [LO16-7] Wynn Sheet Metal reported an operating loss of $174,000 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 Tax Income Taxes Income Rates Paid 30% 20,100 2012 67,000 77,000 2013 30 23,100 87,000 2014 40 34,800 67.000 2015 45 30,150 Required 1. 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.) Answer is complete but not entirely correct Tax Operating loss carryback Rate Recorded as: S x 0%x S Carried back 2012 0 x 0 Carried back 2013 87,000X x 34,800 Carried back 2014 40% 67,000X x 45% Carried back 2015 30,150 Total carryback 64,950 Receivable-income tax refund operating loss carryforward 40% 8,000 Deferred tax asset ending 20,000X X Carried forward