Exercise 16-24 (Algo) Net operating loss carryback [LO16-7] Wynn Farms reported a net operating loss of \$112,000 for finoncial reporting and tax purposes in 2021 . The enscted tox rote is 25\%. Toxable income, tax rates, and income taxes paid in Wynn's first four yoars of operation were os follows 1. Prepare the journal entry to recognize the income tax benefit of the net operating loss. NOL carrybacks are not Required: allowed for most companies, except for property and casualty insurance companies as well as some farm-related 2. Show the lower portion of the 2021 income statement that reports the income tax benefit of the net opetating businesses. Assume Wynn is one of those businesses. 1055. 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 los5. NoL carrybocks are not allowed fo companies, except for property and casualty insurance companies as well as some farm-related businesses. Assume Wynn those businesses. (If no entry is required for a transaction/event, select "No fournal entry required" in the first account fie answers in whole dollars.) Journal entry worksheet Record 2021 income tax benefit from operating loss