Taxes 2 Saved Help Save & ExitSubmit Check my work 5 Wynn Sheet Metal reported a net operating loss of $112,000 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 $19,800 22,800 34,400 29,700 Income Rates 0.07 points 2014 $66,000 308 2015 76,000 30 2016 2017 86,000 40 66,000 45 eBook Hint 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. Print References Complete this question by entering your answers in the tabs below Required 1Required 2 Show the lower portion of the 2018 income statement that reports the income tax benefit of the net operating loss. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands and round your answers to 1 decimal place.) $0.0 Required 1 Required2 Journal entry worksheet Record 2018 income tax benefit from operating loss. Note: Enter debits before credits Event General Journal Debit Credit