Wynn Farms reported a net operating loss of $245,000 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: Income Taxes Paid Taxable Income Tax Rates 2017 2018 $ 77,000 30% $23,100 87,000 30 26,100 2019 2020 165,000 40 66,000 60,000 45 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. 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. (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 Carried back - 2017 Carried back - 2018 Carried back - 2019 Carried back - 2020 Total carryback Operating loss carryforward Carried forward 6A Rate % Tax $ Recorded as: 0 x = $ 0 0 x = $ 0 = X = < Required 1 Calculation $ 0: Deferred tax asset-beginning Deferred tax asset-ending 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.) View transaction list View journal entry worksheet No Event General Journal 1 1 Receivable-Income tax refund Debit Credit < Required 1 Calculation Required 2 > 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: 0 $ 0 < Required 1 GJ Required 2 >