P 16-10 Fore Farms reported a pretax operating loss of $137 million for financial reporting purposes in 2024. Net Contributing to the loss were (a) a penalty of $5 million assessed by the Environmental Protection operating Agency for violation of a federal law and paid in 2024 and (b) an estimated loss of $12 million from loss accruing a loss contingency. The loss will be tax deductible when paid in 2025. carryforward; multiple The enacted tax rate is 25%. There were no temporary differences at the beginning of the year and differences; none originating in 2024 other than those described above. financial Required: effects 1. Prepare the journal entry to recognize the income tax benefit of the net operating loss in 2024. - LO16-3, 2. Show the lower portion of the 2024 income statement that reports the income tax benefit of the net LO16-5, operating loss. LO16-7 3. Prepare the journal entry to record income taxes in 2025 assuming pretax accounting income is $160 million. No additional temporary differences originate in 2025