Wynn Sheet Metal reported a net operating loss of $124,000 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: 2014 2015 2016 2017 Taxable Tax Income Rates $72,000 20% 82,000 20 92,000 30 72,000 35 Income Taxes Paid $14,400 16,400 27,600 25,200 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 is 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 list Journal entry worksheet