Wynn Farms reported a net operating loss of $250,000 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 $ 78,000 88,000 170,000 40,000 Tax Rates 30% 30 40 45 Income Taxes Paid $23,400 26,400 68,000 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. 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 Operating loss carryback Recorded as: % Carried back - 2017 $ 0 x 170 x 40X Rate 30% 30% 40% 45% = = = Tax $ 0 0 68.00 18.00 $ $ Carried back - 2018 Carried back - 2019 Carried back - 2020 Total carryback Operating loss carryforward Carried forward $ 86.00 Receivable-income tax refund 30 00 25% 2 = $ 32.50 Deferred tax asset-ending 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 Eve Debit Credit General Journal ReceivableIncome tax refund Deferred tax asset Income tax expense