reporting and tax purposes in In's first four years of opere E 16-21 Net operating loss carryback L016-7 Wynn Sheet Metal reported a net operating loss of $100,000 for financial reporting and tax di enacted tax rate is 40%. Taxable income, tax rates, and income taxes paid in Wynn's first four were as follows: Taxable income Tax Rates 30% 30 2014 2015 2016 2017 $60,000 70,000 80,000 60,000 Income Taxes Paid $18,000 21,000 32,000 27,000 40 45 Required: 1. Prepare the journal entry to recognize the income tax benefit of the net operating loss. Wynn clects back option 2. Show the lower portion of the 2018 income statement that reports the income tax benefit of the time loss