Wynn Farms reported a net operating loss of $160,000 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 2019 2020 Taxable Income $60,000 70,880 80.000 62,880 Tax Rates 15% 15 25 30 Income Taxes Paid $ 9,eee 10,580 28,eee 18, eee Required: 1. 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. Complete the table given below to recognize the Income tax benefit of the net operating loss. 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 Calculation Required 1 G) Required 2 0 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. Complete the following table to recognize the income tax benefit of the net operating loss. (Enter your answers in whole dollars. Leave no cell blank, enter "o" wherever applicable. Enter all amounts as positive values.) Show less Net operating loss carryback Rate % Tax $ Recorded as: Carried back - 2017 = $ Carried back-2018 0 Carried back - 2019 0 Carried back-2020 Total carryback $ 0 Net operating loss carryforward Carried forward $ x x = 0 0 Required 1 Calculation Required 1 GJ > Wynn Farms reported a net operating loss of $160,000 for financial reporting and tax purposes in 2021. The enacted tax rate is 25% Taxable income tax rates, and income taxes peld in Wynn's first four years of operation were as follows: 2017 2018 2019 Taxable Income S60,00 70,000 80.000 60.000 Tax Rates 15% 15 25 je Income Taxes Paid $9.000 10,500 20,000 18,000 2020 Required 1. 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. Complete the table given below to recognize the income tax benefit of the net operating loss. 2. Show the lower porton 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 Calculation Required 1 GB Required 2 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. Complete the following table to recognize the income tax benefit of the net operating loss. (Enter your answers in whole dollars. Leave no cell blank enter"0" wherever applicable. Enter all amounts as positive values Net operating loss carryback Rate Tax 5 Recorded as: Carried back - 2017 $ 0 Camed back - 2018 X 0 Carried back - 2010 x 0 amed back 2020 0 Total carryback $ 0 Net operating loss carryforward Carried forward $ 0 X Required 16 ) Wynn Farms reported a net operating loss of $160,000 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: Rates Taxable Income $60,000 70,eee 30.000 2017 2018 2019 2020 15 15 25 30 Income Taxes Paid $ 9,000 10.500 20.00 18.ee Required: 1. 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 Complete the table given below to recognize the income tax benefit of 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 Calculation Required 1 G Required 2 Prepare the journal entry to recognize the income tax benefit of the net operating loss. If no antry is required for a transaction/event select "No joumal entry required in the first account field. Enter your answers in whole dollars.) View transactions Journal entry worksheet 1 > Record 2021 income tax benefit from net operating loss. Note Enter dehits bore cheets Event General Journal Debit Credit Record entry Clest entry View journal Wynn Farms reported a net operating loss of $160,000 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 2019 2020 Taxable Income SB,000 70.000 Bee 60.000 Tas Rates 150 15 25 30 Inces Pald 59,00 10,500 20.ee 18.eee Required: 1. 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. Complete the table given below to recognize the income tax benefit of the net operating loss 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 Calculation Required 1G) 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.) Income tax benefit 0 $ 0