11. Marvel Co. at the end of 2017, its first year of operations, prepared a reconciliation between pretax financial income and taxable income as follows: Pretax financial income Estimated litigation expense Installment sales Taxable income $ 1,200,000 3,000,000 $ 1800,000 The estimated litigation expense of $3,000,000 will be deductible in 2019 when it is expected to be paid. The gross profit from the installment sales will be realized in the amount of $1,200,000 in each of the next two years estimated liability for litigation is classified as noncurrent and the installment accounts receivable are dlassified as $1,200,000 current and $1,200,000 noncurrent. The income tax rate is 30% for all years. The a) b) c) Calculate the income tax expense Calculate the deferred tax asset to be recognized Calculate the deferred tax liability to be recognized