10 Fore Farms reported a pretax operating loss of $176 million for financial reporting purposes in 2021. Contributing to the loss were (a) a penalty of $4 million assessed by the Environmental Protection Agency for violation of a federal law and paid in 2021 and (b) an estimated loss of $10 million from accruing a loss contingency. The loss will be tax deductible when paid in 2022. 4.5 points The enacted tax rate is 25%. There were no temporary differences at the beginning of the year and none originating in 2021 other than those described above. Taxable income in Fores's two previous years of operation was as follows: eBook 2019 2020 $ 80 million $ 56 million Print Required: 1. Prepare the journal entry to recognize the income tax benefit of the net operating loss in 2021. Assume Fore will carry back its NOL to prior years. 2. What is the net operating loss reported in 2021 income statement? 3. Prepare the journal entry to record income taxes in 2022 assuming pretax accounting income is $208 million. No additional temporary differences originate in 2022. 10 Required 1 Required 2 Required 3 4.5 points Prepare the journal entry to recognize the income tax benefit of the net operating loss in 2021. Assume Fore will carry back its NOL to prior years. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) View transaction list eBook Journal entry worksheet Print Record 2021 income taxes. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal 10 than those described above. Taxable income in Fores's two previous years of operation was as follows: 2019 2020 $ 80 million $ 56 million 4.5 points Required: 1. Prepare the journal entry to recognize the income tax benefit of the net operating loss in 2021. Assume Fore will carry back its NOL to prior years. 2. What is the net operating loss reported in 2021 income statement? 3. Prepare the journal entry to record income taxes in 2022 assuming pretax accounting income is $208 million. No additional temporary differences originate in 2022. eBook Print Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 What is the net operating loss reported in 2021 income statement? (Enter your answer in millions (i.e., 10,000,000 should be entered as 10).) Net operating loss million 10 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 4.5 points Prepare the journal entry to record income taxes in 2022 assuming pretax accounting income is $208 million. No additional temporary differences originate in 2022. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10.) eBook View transaction list Print Journal entry worksheet Record 2022 income taxes. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal