Wynn Sheet Metal reported a net operating loss of $104,000 for financial reporting and tax purposes in 2018. The enacted tax rate is 35%. Taxable income tax rates, and income taxes paid in Wynn's first four years of operation were as follows 2014 2015 2016 2017 Taxable Tax Income Rates $62,000 25% 72,000 25 82,000 35 62,000 40 Income Taxes Paid $15,500 18,000 28,709 24,800 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. Complete this question by entering your answers in the tabs below. Required 1 Required 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.)