3:24 Search Expert Q&A HIILLUSTRATION Collantra Coat the end of 2021, its first year of operation prepared a reconciliation between pretas financial income and taxable income as follows Pretas financial income $520,000 Extra depreciation taken for tax purposes (1.200.000 Estimated expenses deductible for tanes when paid 890.000 Taxable income S 210.000 Use of the depreciable assets will result in table amounts of $400,000 in cach of the next three years. The estimated litigation expenses of $890,000 will be deductible in 2004 shen settlement is expected Instructions (a) Prepare a schedule of future table and deductible amounts (6) Prepare the journal entry to record income tax expense. deferred taxes, and income taxes payable for 2021. aming a tax rate of 2017 for all yours (a) 2022 2024 Future taxable (deductible amounts Extra depreciation $400,000 S400,000 00.000 Litigation (890.000) (b) S400,000 SL2 (890.000) Income Tax Expense (542,000 $240,000-$178.000) 104.000 Deferred Tax Asset (5890.000 20%) 178.000 Deferred Tax Liability (S1,200,000 - 2010) 240.000 Income Taxes Payahle (5210,000 201 42.000 3:24 Search Expert Q&A HIILLUSTRATION Collantra Coat the end of 2021, its first year of operation prepared a reconciliation between pretas financial income and taxable income as follows Pretas financial income $520,000 Extra depreciation taken for tax purposes (1.200.000 Estimated expenses deductible for tanes when paid 890.000 Taxable income S 210.000 Use of the depreciable assets will result in table amounts of $400,000 in cach of the next three years. The estimated litigation expenses of $890,000 will be deductible in 2004 shen settlement is expected Instructions (a) Prepare a schedule of future table and deductible amounts (6) Prepare the journal entry to record income tax expense. deferred taxes, and income taxes payable for 2021. aming a tax rate of 2017 for all yours (a) 2022 2024 Future taxable (deductible amounts Extra depreciation $400,000 S400,000 00.000 Litigation (890.000) (b) S400,000 SL2 (890.000) Income Tax Expense (542,000 $240,000-$178.000) 104.000 Deferred Tax Asset (5890.000 20%) 178.000 Deferred Tax Liability (S1,200,000 - 2010) 240.000 Income Taxes Payahle (5210,000 201 42.000