Wynn Farms reported a net operating loss of $225,000 for financial reporting and tax purposes in 2024. 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: 2020 2021 2022 2023 Taxable Income $ 73,000 Income Tax Rates Taxes Paid 30% $21,900 83,000 145,000 40,000 30 24,900 40 58,000 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 2024 income statement that reports the income tax benefit of the net operating loss. Answer is not complete. Complete this question by entering your answers in the tabs below. 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. Note: 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 $ Recorded as: Carried back - 2020 $ 0 30% |= $ 0 Carried back - 2021 0 30% |= S 0 Carried back - 2022 145 x 40% = $ 58 Carried back - 2023 40 45% = $ 18 Total carryback $ 76 Income tax expense Operating loss carryforward Carried forward $ 40 xx 25% = $ 10 Deferred tax asset-beginning Required 1 Calculation Required 1 GJ > Show less