George Co. at the end of 20x2, its first year of operations, prepared a reconciliation between pretax financial income and taxable income as follows:

Pretax financial income = $400,000

Estimated litigation expense = $800,000

Unearned rent revenue = ($450,000)

Taxable income = $750,000

The income tax rate is 21% for all years. Prepare the journal entry for 20x2 to recognize the income tax expense, payable and any tax assets or liabilities.