Wynn Sheet Metal reported a net operating loss of $108,000 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 Rates 2014 $64,000 3ex 2015 74,000 30 2016 84,800 40 2017 64,000 45 Income Taxes Paid $19, 280 22,200 33,600 28,800 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 Prepare the journal entry to recognize the income tax benefit of the net operating loss. Wynn elects the carryback option. If no entry required for a transaction/event, select "No journal entry required in the first account field. Enter your answers in thousands and round your answers to 1 decimal place.) View transaction et Journal entry worksheet Required 1 Required 2 Prepare the journal entry to recognize the income tax benefit of the net operating loss. Wynn elects the carryback option (If no ente required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands and roun your answers to I decimal place.) View transaction et Journal entry worksheet Record 2018 income tax benefit from operating loss. Note: Enter debits before credits Event General Journal Debit Credit Record entry Clear entry View general journal Required 2 > 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 to be deducted should be indicated with a minus sign. Enter your answers in thousands and round your answer place)