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Wynn Sheet Metal reported a net operating loss of $112,000 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 Taxable Tax Income Taxes Paid $19,800 22,800 34,400 29,700 Income Rates 2014 $66,000 30% 2015 76,000 30 2016 2017 86,000 40 66,000 45 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 Answer is not complete Complete this question by entering your answers in the tabs below. Required 1Required 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.) 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 Answer is not complete. Complete this question by entering your answers in the tabs below Required 1 Required 2 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.) Receivable - Income tax refund 64,100 16,000.0 Net income 80,100.0

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