Wynn Farms reported a net operating loss of $160,000 for financial reporting and tax purposes in 2021. The enacted tax rate Taxable income, tax rates, and income taxes paid in Wynn's first four years of operation were as follows: 2017 2018 2019 2020 Taxable Tax Income Rates $ 75,000 20% 85,000 140,000 75,000 Income Taxes Paid $15,000 20 17,000 25 35,000' 40 30,000 Required: 1. Prepare the journal entry to recognize the income tax benefit of the net operating loss. NOL carrybacks are not allowed for m companies, except for property and casualty insurance companies as well as some farm-related businesses. Assume Wynn is ou 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 whole dollars.) Operating loss before income taxes Income tax benefit Net loss $ 0 < Required 1 Required 2> D