Wynn Sheet Metal reported a net operating loss of $118.000 for financial reporting and tax purposes in 2018. The enacted tax rate is 30% Taxable income, tax rates, and income taxes paid in Wynn's first four years of operation were as follows: 714 2014 69,000 20 2059 000 20 2016 89.000 30 2017 69.00040 13.800 5.800 27,600 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 Reterences Required Required 2 Prepare the jourmal entry to recognize the income tax benefit of the net operating loss. wynn elects the carryback option no entry is required for a transactionevent, select "No jourmal thousands and round your answers to 1 decimal place.) entry required ih the firt accouns field. Enter your ansiners in Journal entry worksheet Record 2018 income tax benefit from operating loss. Note: Enter debts before edts. Clear estry View general journal Required 2