Wynn Sheet Metal reported an operating loss of $168,000 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: 2014 015 2016 2017 Taxable Tax Income Rates $64,000 30% 74,000 30 84,000 40 64,000 45 Income Taxes Paid $19,200 22,200 33,600 28,800 Required: 1. Complete the following table given below and prepare the journal entry to recognize the income tax benefit of the 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 operating loss. Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 G Required 2 Complete the following table given below to record income taxes. (Enter your answers in thousands. Round your answers to two decimal places. Leave no cell blank, enter "0" wherever applicable.) Rate % Tax $ Recorded as: Operating loss carryback Carried back - 2014 Carried back - 2015 Carried back - 2016 Carried back - 2017 Total carryback Operating loss carryforward Carried forward AX