Wynn Farms reported a net operating loss of $250,000 for financial reporting and tax purposes in 2021. The enacted tax rate is 25%. Taxabke income, tax rates, abx income taxes paid in Wynn's first four years of operation were as follows:

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: Required: 1. NOL carrybacks are not allowed for most companies, except for property and casualty insurance companies as well as some farmrelated 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. Not carrybacks ate not allowed for most companies, excent for property and casualty insurance companies as weil as some farm the net businesses. Assume Wynn is one of those businesses. Complete the following table to recognize the income tax bomien farm- whe pecitive valiugs )