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: Taxable Tax Income Income Taxes Paid 2017 2018 $ 64,000 Rates 30% $19,200 74,000 30 22,200 2019 2020 100,000 40 40,000 40,000 45 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 and prepare the journal entry 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. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 GJ 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: Tax savings from NOL carryforward 10,000 Tax refund from NOL carryback 58,000 Net loss < Required 1 GJ $ 140,000 68,000 S 208,000 Required 2 >