Exercise 16-26 (Algo) Net operating loss carryback and carryforward; financial statement effects [LO16-7] Wynn Farms reported a net operating loss of $255,000 for financial reporting and tax purposes in 2024. The enacted tax rate is 25%. Taxable income, tax rates, and income taxes paid in Wynns first four years of operation were as follows: Taxable Income Tax Rates Income Taxes Paid 2020 $ 79,000 30% $23,700 2021 89,000 30 26,700 2022 175,000 40 70,000 2023 40,000 45 18,000 Required: 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. Complete the table given below and prepare the journal entry to recognize the income tax benefit of the net operating loss. Show the lower portion of the 2024 income statement that reports the income tax benefit of the net operating loss