Fore Farms reported a pretax operating loss of $$250$ million for financial reporting purposes in $2021.$ Contributing to the loss were $($a$)$ a penalty of $$14$ million assessed by the Environmental Protection Agency for violation of a federal law and paid in $2021$ and $($b$)$ an estimated loss of $$10$ million from accruing a loss contingency. The loss will be tax deductible when paid in $2022.$

The enacted tax rate is $25\%.$ There were no temporary differences at the beginning of the year and none originating in $2021$ other than those described above.

Required:

$1.$ Prepare the journal entry to recognize the income tax benefit of the net operating loss in $2021.$

$2.$ What is the net operating loss reported in $2021$ income statement?

$3.$ Prepare the journal entry to record income taxes in $2022$ assuming pretax accounting income is $$270$ million. No additional temporary differences originate in $2022.$