E $16-26$ Net operating loss carryback and carryforward; financial statement effects $\sqrt[\phantom{2}]{}$ LO$16-7$

$[$This exercise is based on the situation described in $E16-25,$ modified to include a carryforward in addition to a carryback.$]$

Wynn Farms reported a net operating loss of $$160,000$ for financial reporting and tax purposes in $2024.$ The enacted tax rate is $25\%.$ Taxable income, tax rates, and income taxes paid in Wynn$\text{'}$s first four years of operation were as follows:

$\backslash$table$[[,$Taxable Income,Tax Rates,Income Taxes Paid$],[2020,$$$60,000,15\%,$$$9,000$