Wynn Farms reported a net operating loss of $205,000 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 Income $ 69,000 79,000 125,000 40,000 Tax Rates 30% 30 40 45 Income Taxes Paid $20,700 23,700 50,000 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. Required 1 Calculation Required 1 GJ Required 2 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 (i.e., 55,000 should be entered as 55). Leave no cell blank, enter "0" wherever applicable. Enter all amounts as positive values.) Show less A Rate Operating loss carryback Tax $ Recorded as: Carried back - 2017 $ $ 0 X 30% = $ 0 Carried back - 2018 X 30% = 0 Carried back - 2019 125,000 X X 40% = $ 50,000.00 $ 18,000.00 Carried back - 2020 40,000 X X 45% = Total carryback Income tax expense 68,000.00 Operating loss carryforward Carried forward $ xx 40,000.00 25% $ 10,000.00 Deferred tax asset-ending Required 1 Calculation Required 1 GJ Required 1 Calculation Required 1 GJ Required 2 Prepare the journal entry to recognize the income tax benefit of the net operating loss. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands rounded to two decimal places.(i.e., 55,550 should be entered as 55.55).) No Event General Journal Debit Credit 1 1 ReceivableIncome tax refund 680,000.00 X 10,000.00 X Deferred tax asset Income tax expense 78,000.00 x 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 thousands rounded to two decimal places.(i.e., 55,550 should be entered as 55.55).) Operating loss before income taxes (205,000.00) Income tax benefit: Tax savings from NOL carryforward Tax refund from NOL carryback Income tax expense x 10,000.00 68,000.00 0.00 x 78,000.00 $ (127,000.00) Net loss