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 Wynns first four years of operation were as follows: Taxable Income Tax Rates Income Taxes Paid 2017 $ 60,000 15 % $ 9,000 2018 70,000 15 10,500 2019 80,000 25 20,000 2020 60,000 30 18,000 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.

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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 thousands. Leave no cell blank, enter "0" wherever applicable. Enter all amounts as positive values.) Show less Tax $ Recorded as: $ 0 Net operating loss carryback Carried back - 2017 rs x Carried back - 2018 | x Carried back - 2019 x Carried back - 2020 x Total carryback Net operating loss carryforward Carried forward x Rate % 15% 15% 25% 30% = = = = 0 0 0 Deferred tax liability-beginning $ = $ OL Journal entry worksheet Record 2021 income tax benefit from net operating loss. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal Required 1 Calculation Required 1 G 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 (i.e., 5,500 should be entered as 5.5).) Income tax benefit: