Wei Sheet Metal reported an operating loss of $160,000 for financial reporting and tax purposes in 2012. The enacted tax rate is 20%. Taxable income, tax rates, and income taxes paid in Wynn's first four years of operation were as follows: 1. Prepare the journal entry to recognize the income tax benefit of the tax loss. Wei elects the carryback option. Assume the loss can be carried back for only two years and the balance can be used to offset future income. (Enter your answers in millions.) 2. Determine the amount of the operating loss for the year 2012. (Input the amount as positive value.) Net operating loss $