Wynn Farms reported a net operating loss of $180,000 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: Tax 2017 2018 2019 2020 Taxable Income Rates $ 80,000 20% 90,000 20 160,000 25 80,000 35 Income Taxes Paid $16,000 18,000 40,000 28,000 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. 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.)