Wynn Farms reported a net operating loss of $220,000 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 Taxes Income Rates Paid 2017 5 72,000 300 $21,600 2018 42,000 30 24,600 2019 140,000 40 56,000 2020 40.000 18.000 Required: 1. NOL carrybacks are not allowed for most companies, except for property and casualty Insurance companies as well as some form. 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 Calculation Required 1 G 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 whole dollars. Leave no cell blank, unter "0" wherever applicable. Enter all mounts as positive values.) Operating loss carryback Rate Tax Recorded as Carried back - 2017 x 30% s 0 Carried back-2016 30% 5 Carried back - 2019 40% Carried back. 2020 45% Total carryback Operating loss carryforward Carried forward X X Required 1 GJ > urine net operating loss. Completa thla question by entering your answers in the tabs below. Required 1 Calculation Required 1 G) 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 whole dollars.) View transaction list Journal entry worksheet