Wynn sheet metal reported a net operating loss of $160,000 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: - taxableincome tax rates income taxes paid 2014 $ 60,000 30 % $ 18,000 2015 70,000 30 21,000 2016 80,000 40 32,000 2017 60,000 45 27,000 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.