16 Fore Farms reported a press operating loss of $100 mition for financial reporting purposes in 2021 Contributing to the loss were ( penalty of $4 mision assessed by the Environmental Protection Agency for violation of a federal law and paid in 2021 and be an estimated loss of $10mtion from accruing a loss contingency. The loss will be tax deductible when paid in 2022 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 Required 1. Prepare the journal entry to recognize the income tax benefit of the net operating loss 2.What is the net loss reported in 2021 mncome statemen 3. Prepare the journal entry to record income taxes in 2022 assuming pretes accounting temporary offerences originate in 2022 Complete this question by antering your answers in the tabs below. 2021 come is $115 mition. No domal Journal entry worksheet Check my wo