Wynn Farms reported a net operating loss of $190,000 for financial reporting and tax purposes in...

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Wynn Farms reported a net operating loss of $190,000 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 Tax Income $ 66,000 Income Taxes Paid $19,800 Rates 30% 76,000 110,000 40 40,000 45 30 22,800 44,000 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. Complete this question by entering your answers in the tabs below. Required 1 Required 1 GJ Required Calculation 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.) Operating loss carryback Rate % Tax $ x Recorded as: Carried back - 2017 Carried back-2018 x = Carried back - 2019 x = Carried back - 2020 x Total carryback Operating loss carryforward Carried forward Required 1 Calculation = Required 1 GJ > Wynn Farms reported a net operating loss of $190,000 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 Tax Income $ 66,000 Income Taxes Paid $19,800 Rates 30% 76,000 110,000 40 40,000 45 30 22,800 44,000 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. Complete this question by entering your answers in the tabs below. Required 1 Required 1 GJ Required Calculation 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.) Operating loss carryback Rate % Tax $ x Recorded as: Carried back - 2017 Carried back-2018 x = Carried back - 2019 x = Carried back - 2020 x Total carryback Operating loss carryforward Carried forward Required 1 Calculation = Required 1 GJ >