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Question - Wynn Farms reported a net operating loss of $152,000 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 Income
Tax Rates
Income Taxes Paid
2017
$73,000
20%
$14,600
2018
83,000
20
16,600
2019
132,000
25
33,000
2020
73,000
40
29,200
Required:
1. Prepare the journal entry to recognize the income tax benefit of the net operating loss. 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.
2. Show the lower portion of the 2021 income statement that reports the income tax benefit of the net operating loss.
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