Wynn Farms reported a net operating loss of $$164,000$ for financial reporting and tax purposes in $2024.$ The enacted tax rate is $25\%.$

Taxable income, tax rates, and income taxes paid in Wynn$\text{'}$s first four years of operation were as follows:

Required:

Prepare the journal entry to recognize the income tax benefit of the net operating loss. 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.

Show the lower portion of the $2024$ income statement that reports the income tax benefit of the net operating loss.

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Prepare the journal entry to recognize the income tax benefit of the net operating loss. 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.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Enter your

answers in whole dollars.