Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to Wynn Farms reported a net operating loss of $170,000 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: Taxable Tax Income Rates Incone Taxes Paid 2017 $62,000 30% $18,600 2018 72,000) 30 21,600 2019 50,000 40 36,000 2020 60,000 45 27,000 Required: 1. 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 those businesses. Complete the table given below and prepare the journal entry to recognize the income tax benefit of the net operating loss. 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 Calculation Required 1 Gl Required 2 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 those businesses. Complete the following table to recognize the income tax benefit of the net operating loss. (Enter your answers in whole dollars. Leave no cell blank, enter "0" wherever applicable. Enter all amounts as positive values.) Operating loss carryback Carried back-2017 no Rate % Tax S Recorded as: 30% - $ 0 < Prev 2 of 2 Next