Wynn Sheet Metal reported an operating loss of $170,000 for financial reporting and tax purposes in 2016. The enacted tax rate is 40%. Taxable income, tax rates, and income taxes paid in Wynns first four years of operation were as follows:

Wynn Sheet Metal reported an operating loss of $170,000 for financial reporting and tax purposes in 2016 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 Income 65,000 75,000 85,000 65,000 Income Taxes lax Rates Paid $19,500 22,500 34,000 29,250 30% 2012 2013 2014 2015 30 40 45 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands. Leave no cell blank, enter "O" wherever applicable.) Operating loss carryback Rate % | Tax $ Recorded as Carried back 2012 Carried back - 2013 Carried back - 2014 Carried back 2015 Total carryback Operating loss carryforward Carried forward View transaction list Journal entry worksheet Record 2016 income tax benefit from operating loss Note: Enter debits before credits Event General Journal Debit Credit