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Wynn Farms reported a net operating loss of $205,000 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 2017 2030 2019 2020 Taxable Tax Income lates $ 69,000 300 79,000 30 125,000 40 45,000 45 come Taxes Mata 520,700 - 23.700 50,000 18.000 Required: 1. NOL Carrybacks are not allowed for most companies, except for property and casualty insurance companies as well as some form related businesses. Assume Wynn is one of those businesses Complete the table glven 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 Creation Resored 101 Reosred2 NOL Carrybacks are not allowed for most companies, except for property and casualty insurance companies as were farm related businesses. Assume Wynn is one of those businesses Complete the following table to recognise the income taxe the net operating fous (Enter your ans in whole or Leave a blank, enter nowherever be the amounts s positive values 31 MacBook 2 2012 85 5 TB 1 + . * $ 4 % 5 & 7 C 9 6 8 O 2 U 1 T O Y E R W G H K D F S L J > N M Z B C > ? 3 alt alt 36 command option 7 command Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1G) Required 2 NOL carrybacks are not allowed for most companies, except for property and casualty insurance companies as we related businesses. Assume Wynn is one of those businesses. Complete the following table to recognize the incom the net operating loss. (Enter your answers in whole dollars. Leave no cell blank, enter"0" wherever applicable. E as positive values.) Tax 5 Recorded as: Rate % 30% = $ 0 $ 0 Operating loss carryback Carried back-2017 Carried back - 2018 Carried back - 2019 Carried back-2020 Total carryback Operating loss carryforward Carried forward 0 x 0 x 125,000 x 40,000 x 30% 40% 45% $ = $ 50,000 18,000 68,000 Receivable-inte tax refund $ 40,000 25% $ 10,000 Deferred tax assel ending Red Callen Required 1 GJ > 11 24 of 30 MacBook D VE =8 DO 60 BBS 80 3 FS $ 4 > & 7 % 5 # 3 +00 9 6 o U Y T W E R H J G D S F View transaction list Journal entry worksheet MacBook so F3 ODO 000 F2 DU F F5 #7 $ # 3 % 5 MacBook BO F3 GOD doo F4 215 F5 ga F2 F2 @ %23 # $ % A & Wynn Farms reported a net operating loss of $205,000 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 2017 2030 2019 2020 Taxable Tax Income lates $ 69,000 300 79,000 30 125,000 40 45,000 45 come Taxes Mata 520,700 - 23.700 50,000 18.000 Required: 1. NOL Carrybacks are not allowed for most companies, except for property and casualty insurance companies as well as some form related businesses. Assume Wynn is one of those businesses Complete the table glven 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 Creation Resored 101 Reosred2 NOL Carrybacks are not allowed for most companies, except for property and casualty insurance companies as were farm related businesses. Assume Wynn is one of those businesses Complete the following table to recognise the income taxe the net operating fous (Enter your ans in whole or Leave a blank, enter nowherever be the amounts s positive values 31 MacBook 2 2012 85 5 TB 1 + . * $ 4 % 5 & 7 C 9 6 8 O 2 U 1 T O Y E R W G H K D F S L J > N M Z B C > ? 3 alt alt 36 command option 7 command Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1G) Required 2 NOL carrybacks are not allowed for most companies, except for property and casualty insurance companies as we related businesses. Assume Wynn is one of those businesses. Complete the following table to recognize the incom the net operating loss. (Enter your answers in whole dollars. Leave no cell blank, enter"0" wherever applicable. E as positive values.) Tax 5 Recorded as: Rate % 30% = $ 0 $ 0 Operating loss carryback Carried back-2017 Carried back - 2018 Carried back - 2019 Carried back-2020 Total carryback Operating loss carryforward Carried forward 0 x 0 x 125,000 x 40,000 x 30% 40% 45% $ = $ 50,000 18,000 68,000 Receivable-inte tax refund $ 40,000 25% $ 10,000 Deferred tax assel ending Red Callen Required 1 GJ > 11 24 of 30 MacBook D VE =8 DO 60 BBS 80 3 FS $ 4 > & 7 % 5 # 3 +00 9 6 o U Y T W E R H J G D S F View transaction list Journal entry worksheet MacBook so F3 ODO 000 F2 DU F F5 #7 $ # 3 % 5 MacBook BO F3 GOD doo F4 215 F5 ga F2 F2 @ %23 # $ % A &

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