Wynn Sheet Metal reported a net operating loss of $100,000 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: Tax Rates 2014 2015 2016 2017 Taxable Income $60,000 70,000 30,000 60,000 3ex 30 40 45 Income Taxes Pald $18,000 21.000 32,000 27,000 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