Wynn Farms reported a net operating loss of $265,000 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: ax Taxable Income Taxes Tax Paid Income Rates $24,300 27,300 2017 2018 2019 81,000 30% 91,000 30 74,000 18,000 185,000 40,000 40 2020 45 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 Required 2 Required 1 GJ Colqulntion NOL CaryDacks are Tot anowea Tol ost Compantes, exceptiOr property and Casuaity msurance comparmes as wEN 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 Tax $ Recorded as: Operating loss carryback Rate % Carried back -2017 Carried back-2018 X Carried back -2019 Carried back - 2020 Total carryback Operating loss carryforward Carried forward X Required 1Calculation Required 1 GJ > Record 2021 income tax benefit from operating loss. Note: Enter debits before credits. Event General Journal Debit Credit 55,550 should be entered as 55.55).) Income tax benefit Required 2 Required 1 GJ