3 Wynn Farms reported a net operating loss of $112.000 for financial reporting and tax purposes in 2021. The enacted tax rate is 25%. Taxable income tax rates and income taxes paid in Wynn's first four years of operation were as follows: 5 2017 2018 2019 2020 Taxable Tax Income Rates Income Taxes Paid 563,000 201 $12,600 75,000 20 14.500 92,000 25 23.000 65,000 25,200 Required: 1. Prepare the journal entry to recognize the income tax benefit of the net operating loss. NOL carrybacks are not allowed for most companies, except for property and casualty insurance companies as well as some form-related businesses. Assume Wynn is one of those businesses 2 Show the lower portion of the 2021 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 Prepare the journal entry to recognize the income tax benefit of the net operating too. NOL Carrybacks are not allowed for most companies, excopt for property and casualty Insurance companies as well as some far-related businesses, Assume wynn lo one of those businesse (If no entry is required for transaction/event, select No journal entry required in the first account field, Enter your answers in whole dollars.) NO Event 1 1 General Journal Receivable-Income tax refund Income tax open Debit 32.2003 32.200 3 Wynn Farms reported a net operating loss of $112,000 for financial reporting and tax purposes in 2021. The enacted tax rate is 25%. Taxable income tax rates, and income taxes paid in Wynn's first four years of operation were as follows: 25 DOS 2017 2010 Taxable Tax Income Rates Income Taxes Paid 563,000 203 512,600 73,00) 20 14,600 92,000 25 23,000 40 25,200 2019 2020 Required: 1. Prepare the journal entry to recognize the income tax benefit of the net operating loss NOL carrybacks are not allowed for most companies, except for property and casualty insurance companies as well as some farm.related businesses. Assume Wynn is one of 2 Show the lower portion of the 2021 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 tobs below. Required a Roureda Show the lower portion of the 2021 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 whole dollars) 5 (112.000) Operating for before income taas Income tax bona Netlos 5 (112.000)