During $2021,$ its first year of operations, Sherrod, Inc. reported a net operating loss of $$19$ million for financial reporting and tax purposes. The enacted tax rate is $25\%.$

Prepare the journal entry to recognize the income tax benefit of the net operating loss. $($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Enter your answers in whole dollars $($i$.$e$.5,500,000$ would be written as $5,500,000).)$