Wynn Farms reported a net operating loss of $$140,000$ for financial reporting and tax purposes in $2024.$ The enacted tax rate is $25\%.$ Taxable income, tax rates, and income taxes paid in Wynn$$s first four years of operation were as follows:

Taxable Income Tax Rates Income Taxes Paid

$2020,$ $ $70,00030\%$ $ $21,000$

$2021,80,00030\%24,000$

$2022,120,00025\%30,000$

$2023,70,00045\%31,500$

$1.$ 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.

S$2.$ how the lower portion of the $2024$ income statement that reports the income tax benefit of the net operating loss.