Wynn Farms reported a net operating loss of $136,000 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 Taxable Income $ 69,000 Tax Rates Income Taxes Paid 20% $13,800 79,000 20 15,800 2019 2020 116,000 25 29,000 69,000 40 27,600 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.