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Wynn Farms reported a net operating loss of $176,000 fol reporting and tax purposes in 2021. The enacted titels 25 Taxable income tax rates, and

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Wynn Farms reported a net operating loss of $176,000 fol reporting and tax purposes in 2021. The enacted titels 25 Taxable income tax rates, and income taxes paid in Wynn's first four years of operation were as follows Tale Tas Income Tax Income Taid 2017 $ 79,000 200 $15,000 2014 89.000 20 17.000 2011 156.000 25 39.000 2020 79,000 31.600 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 form related businesses. Assume Wyn 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 Complete this question by entering your answers in the tabs below. Required Required 2 Prepare the journal entry to recognize the income tax benefit of the net operating SONOL Carracks are not allowed for most companies, except for property and casualty Insurance companies as well as some farm-related businesses Assume Wynn is one those businesses to try is required for a transaction/event, select your entry the first time your answers in which doan) MacBook 3 - 2 $ A 6 & 7 C 9 8 0 2 3 5 Y 1 E R C W 0 S D F I G J K. V > 2 > B N M a all H command option command mont, CAUCAL UDURLY UTILE LUPOLICD CD CHOCOLCU those businesses. (If no entry is required for a transaction/event, select "No journal entry require answers in whole dollars.) View transaction list Journal entry worksheet MacBook BO Fa 888 31 FS og 27 A # $ 4 ? & 7 6 8 3 2 W E R T Y U G H K C L nose businesses. 2. Show the lower portion of the 2021 income statement that reports the income tax benefit of the 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 op to be deducted should be indicated with a minus sign. Enter your answers in whole dollars.) MacBook *** 2 BO F9 888 14 oa Y D PB DO A & # 3 $ 4 % 5 6 7 8 ( 9 E R T Y U n C

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