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: Taxable Income $ 69, eee 79, eee 116.299 6 9,808 2017 2018 2919 2920 Tax Rates 20% 29 25 40 Income Taxes Paid $13,800 15,800 29. eee 27,600 $13,308 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands rounded to 1 decimal place (i.e., 5,500 should be entered as 5.5).) Show less to de ansacties well No Event Debit Credit General Journal Receivable-Income tax refund Income tax expense Required 1 Required 2 > 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 2919 2920 Taxable Income $ 69,00 79, eee 116.299 69. eee Tax Rates 28% 20 25 40 Income Taxes Paid $13,800 15,800 29, eee 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. % Answer is not complete. 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 thousands rounded to 1 decimal place (i.e., 5,500 should be entered as 5.5).) Operating loss before income taxes Income tax benefit Net loss S 0.0