Cullumber 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 $870000 Estimated litigation expense 2450000 Installment sales (1960000) Taxable income $1360000 The estimated litigation expense of $2450000 will be deductible in 2022 when it is expected to be paid. The gross profit from the installment sales will be realized in the amount of $980000 in each of the next two years. The estimated liability for litigation is classified as noncurrent and the installment accounts receivable are classified as $980000 current and $980000 noncurrent. The income tax rate is 20% for all years. The deferred tax asset to be recognized is $98000 noncurrent. $98000 current. $0. $490000 noncurrent.