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sale in 2022 (Note: this problem is a variation of P 16-10, modified to allow a net operating loss can reported a pretax operating loss of $137 million for financial reporting purposes ibuting to the los were (a) a penalty of $5 million assessed by the Environmental Protection Agency and paid in 2021 and (b) an estimated loss of $12 million from accruing a loss contingency. deductible when paid in 2022. The enacted tax rate is 25%. There were no temporary differences at the beginning of th originating in 2021 other than those described above. Taxable income in Fores's two previous was as follows: a net operating loss carryback.) Fore Farms porting purposes in 2021. Contributing to the loss Protection Agency for violation of a federal law accruing a loss contingency. The loss will be tax ences at the beginning of the year and none ne in Fores's two previous years of operation 2019 $80 million 2020 $32 million 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. Show the lower portion of the 2021 income statement that reports the income tax benefit of the net operating loss. 3. Prepare the foundai cory to record income taxes in 2022 assuming pretax accounting income is $160 million. No additional teuaporary differences originate in 2022. in Transportation's December 31, 2020, balance sheet included the