estimated loss of $10 million from accruing a loss contingency. The loss will be tax deductible when paid in 2022 . than those doscribed above. Required: 1. Prepare the journal entry to recognize the income tox benefit of the net operating loss in 2021 . 2. What is the net operating loss reported in 2021 income statement? 3. Prepare the joumal entry to record income taxes in 2022 assuming pretax accounting income is $115 million. No additional temporary differences originate in 2022. Complete this question by entering your answers in the tabs below. Prepare the journal entry to recognize the income tax benefit of the net operating loss in 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (1.e., 10,000,000 should be entered as 10}.) Journal entry worksheet Note: Enter debits before credits