Fore Farms reponted a pretax operating loss of $140 million for financial reporting purposes in 2021 . Contributing to the loss were (a) a penalty of $12 million assessed by the Ervironmental Protection Agency for violation of a fecleral law and paid in 2021 and (b) an estimated loss of $10 million from accruing a loss contingency. The loss will be tax deductible when paid in 2022 The enacted tax rate is 25%. There were no temporary differences at the beginning of the year and none originating in 2021 other than those described above. Required: 1. Prepare the journal entry to recognize the income tax benefit of the net operating loss in 2021 . 2. What is the net loss reported in 2021 income statement? 3. Prepere the joumal entry to record income taxes in 2022 assuming pretax accounting income is $145 million. No additional temporary differences originate in 2022 Complete this question by entering your answers in the tabs below.