education.com/es/dechtm Knowledge Check (due Day 5) Sod Exercise 16-24 (Static) Net operating loss carryback (L016-7] Wynn Fatms reported a nes operating lose or $100.000 for financial reporting and tax purposes in 2021 The enacted tax rate is 25 Taxable income tax rates, and income taxes paid n Wynis first four years of operation were as follows Taxable Incoat ad 19, 220 800 0.00 18,00 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 those businesses Complete this question by entering your answers in the tabs below. Required Required 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 as some farm-related businesses. Assume Wynn is one of those businesses to try required for a transaction/event, select "Ne journal entry required in the first account field. Enter your anses in whole dollars) View transactions View journal entry worksheet No Event 1 General puma Receivable-Income tax and Income tax expense Debe 34 Required 2 >