Wynn Sheet Metal reported a net operating loss of $140,000 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: 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. Prepare the journal entry to recognize the income tax benefit of the net operating loss. Wynn elects the carryback option. (If no entr required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands and rol your answers to 1 decimal place.) Journal entry worksheet Record 2018 income tax benefit from operating loss. Note: Enter debits before credits. 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.)