Wynn Farms reported a net operating loss of $160,000 for financial reporting and tax purposes in...

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Wynn Farms reported a net operating loss of $160,000 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: Taxable Tax Income Taxes Paid Income Rates 2017 $60,000 15% $ 9,000 2018 70,000 15 10,500 2019 2020 80,000 25 60,000 30 20,000 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 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.) Net operating loss carryback Carried back - 2017 Carried back - 2018 Carried back - 2019 Carried back - 2020 Total carryback Net operating loss carryforward Carried forward Rate % Tax $ Recorded as: $ 0 X 15% = $ 0 0 X 15% 0 80,000 x 25% = 20,000 60,000 x 30% = 18,000 $ x 25% = $ 38,000 Receivable-income tax refund 0 Deferred tax asset-ending Show less Wynn Farms reported a net operating loss of $160,000 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: Taxable Tax Income Taxes Paid Income Rates 2017 $60,000 15% $ 9,000 2018 70,000 15 10,500 2019 2020 80,000 25 60,000 30 20,000 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 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.) Net operating loss carryback Carried back - 2017 Carried back - 2018 Carried back - 2019 Carried back - 2020 Total carryback Net operating loss carryforward Carried forward Rate % Tax $ Recorded as: $ 0 X 15% = $ 0 0 X 15% 0 80,000 x 25% = 20,000 60,000 x 30% = 18,000 $ x 25% = $ 38,000 Receivable-income tax refund 0 Deferred tax asset-ending Show less