Question: Could use some help! Transcribed image text VM-.n Farms reported a net operating loss of S'24DOO for financial reporting and tax pwposes in 2024. The

Could use some help! VM-.n Farms reported a net operating loss of S'24DOO for financial reporting

Transcribed image text

VM-.n Farms reported a net operating loss of S'24DOO for financial reporting and tax pwposes in 2024. The enacted tax rate is 25%. Taxable rates. and income taxes paid in Wynns four Of operation Were as follows; 22, geo 2022 2023 Required: S 66,boq 76. ooo 00 s 19, goo 76, 0M 4S l. Prepare the journal to recognize the income tax benefit Of the net operating loss. NOL carrybacks are not allowed most companies, except for property and casualty insurance compaoies as well as some farmrelated businesses, Assume Wybn is one orthose businesses. 2. Show the lower portion of the 2024 income statement that reports the income tax benefit of the net operating loss. Complete this question by entering your the below. Preg:-sre the to the tax benefit Of the net NOL Carrybacks are not allowed for for progeny casualty insurarre Companies as as some farm-related Assume Wynn is one Of sses_ Note: no entry IS required a select "NO required' An the hrsticcount field. Enter answers in whole

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