Please be clear and do not handwrite the answers. Thank you.

Wynn Farms reported a net operating loss of $160,000 for financial reporting and tax purposes in 2021. The enacted tax rate is 25%. Taxable income tax rates, and income taxes paid in Wynn's first four years of operation were as follows: 2017 2018 2019 2020 Taxable Income $60,000 70,000 80,000 60,000 Tax Rates 15% 15 25 30 Income Taxes Paid $ 9,000 10,500 20,000 18,000 Required: 1. 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 to recognize the income tax benefit of the net operating loss. 2. Show the lower portion of the 2021 income statement that reports the income tax benefit of the net operating loss. Required 1 Calculation Required 1 G Required 2 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 following table to recognize the income tax benefit of the net operating loss. (Enter your answers in thousands. Leave no cell blank, enter "0" wherever applicable. Enter all amounts as positive values.) Show less Rate % Tax $ Recorded as: Net operating loss carryback Carried back - 2017 $ 0 X 15% = $ 0 Carried back - 2018 0 X 15% 0 25% - 0 X 30% 0 Carried back - 2019 Carried back - 2020 Total carryback Net operating loss carryforward Carried forward $ 0 Receivable-income tax refund 25% = $ 0 Deferred tax asset-ending No Event General Journal Debit Credit 1 1 Receivable - Income tax refund Deferred tax asset Income tax expense Operating loss before income taxes Income tax benefit: Tax savings from NOL carryforward Tax refund from NOL carryback Net loss 0 $