Conner Co. at the end of 2020, its first year of operations, prepared a reconciliation between pretax financial income and taxable income as follows: Pretax financial income $1,750,000 Estimated litigation expense 5,250,000 Extra depreciation for taxes (6,600,000) Taxable income $ 400,000 The estimated litigation expense of $5,250,000 will be deductible in 2021 when it is expected to be paid. Use of the depreciable assets will result in taxable amounts of $1,650,000 in each of the next four years. The income tax rate is 35% for all years. 7) Income tax expense is? 8) Income taxes payable is? 9) The deferred tax asset to be recognized is? 10) The amount of deferred tax liability to be recognized is? 11) What is the journal entry to record this?