Wynn Farms reported a net operating loss of $128,000 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: Taxable Tax Income Taxes Income Rates Paid 2017 $ 67,000 209 $13, 400 2018 77,000 20 15,400 2019 108,000 25 27,000 2020 67,000 26,800 40 Required: 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 2. Show the lower portion of the 2021 income statement that reports the income tax benefit of the net operating loss. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Show the lower portion of the 2021 Income statement that reports the income tax benefit of the net operating loss. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in whole dollars.) Operating loss before income taxes Income tax benefit Not loss S 0