Wynn Farms reported a net operating loss of $230,000 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 Taxable Income $ 74,000 Tax Rates Income Taxes Paid 30% $22,200 2018 84,000 30 25,200 2019 2020 150,000 40 60,000 45 60,000 27,000 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 whole dollars. Leave no cell blank, enter "0" wherever applicable. Enter all amounts as positive values.) Show less Operating loss carryback Rate % Tax $ Recorded as: Carried back 2017 $ 0 x 30% = $ 0 Carried back 2018 0 x 30% = $ 0 Carried back - 2019 150 x 40% = $ 60 Carried back - 2020 40 x 45% = $ 18 Total carryback $ 78 Receivable-income tax refund Operating loss carryforward Carried forward $ 40 X 25% = $ < Required 1 Calculation 10 Deferred tax asset-ending Required 1 GJ > Complete this question by entering your answers in the tabs below. 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 whole dollars.) Debit Credit View transaction list View journal entry worksheet No Event General Journal 1 1 Receivable-Income tax refund Deferred tax asset Income tax expense < Required 1 Calculation Required 2 > (x) 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 Tax refund from NOL carryback Net loss $ (230) 0 $ (230)