M Watch x Home x Grad X Ques > Ques x Multi x * Cour: x ) Check x Micro x b Answx + C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=08launchUrl=https%253A%252F%252Fvle.phoenix.edu%252Fultra%252Fcourses%252F Wk 2 - Apply: Homework [due Day 7] (@) Saved Help Save A Wynn Farms reported a net operating loss of $255,000 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 Income Rates Paid 2017 $ 79,060 30% $23, 700 25 2018 89 , 060 30 26, 700 points 2019 175, 060 40 70, 060 2020 40 , 060 45 18 ,000 eBool Required: 1. NOL carrybacks are not allowed for most companies, except for property and casualty insurance companies as well as some farm- References 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 Calculation Required 1 GJ 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.) 4 of 4 Next Mc