eck my work Wynn Farms reported a net operating loss of $108,000 for financial reporting and tax purposes in 2024. 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 Income Tax Income Taxes Rates Paid 2020 2021 $ 62,000 25% $ 15,500 72,000 25 18,000 2022 2023 88,000 62,000 25 40 22,000 24,800 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 those businesses. 2. Show the lower portion of the 2024 income statement that reports the income tax benefit of the net operating loss. 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 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 those businesses. Note: 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. Show less View transaction list Journal entry worksheet 1 Record 2024 income tax benefit from operating loss. most companies, except for property and casualty insurance companies as well as some farm-related businesses. Assum Wynn is one of those businesses. 2. Show the lower portion of the 2024 income statement that reports the income tax benefit of the net operating loss. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Show the lower portion of the 2024 income statement that reports the income tax benefit of the net operating loss. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in whole dollars. < Required 1 Required 2 >