Please solve requirement 1 and 2

Wynn Sheet Metal reported an operating loss of $194,000 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 Tax Income Taxes Paid $23,100 26,100 38,800 34,650 Income Rates 2014 $77,000 30 2015 2016 2017 87,000 30 97,000 40 77,000 45 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. 2. Show the lower portion of the 2018 income statement that reports the income tax benefit of the operating loss Complete this question by entering your answers in the tabs below Required 1 Calculation Required 1 GJRequired 2 Show the lower portion of the 2018 income statement that reports the income tax benefit of the operating loss. (Amounts to be deducted should be indicated with a minus sign. Round your answers to two decimal places. Enter your answers in thousands.) Operating loss before income taxes Income tax benefit: Tax refund from loss carryback Future tax savings from loss carryforward 0.00 et loss S 0.00 K Required 1 GJ Required 2