Hopkins Co. at the end of 2021, its first year of operations, prepared a reconciliation between pretax financial income and taxable income as follows: Pretax financial Income 3,000,000 Estimated litigation expense 4,000,000 Extra depreciation for taxes (6,000,000) Taxable Income $1,000,000 The tax rate is 20% Instructions: Calculate the income tax expense and income tax payable for 2021. 2. At the beginning of 2021, Pitman Co. had pretax financial income of $1,200,000. Additionally, there was a timing difference of $300,000 due to an accounts receivable that will not be collected until the following year. The tax rate us 30%. a. Calculate the total taxable income for 2021. b. Calculate Income tax expense, income tax payable, and the deferred amount for 2021, and create the journal entry. 3. Jarvis Inc. had pretax financial income of $2,000,000 and taxable income of $2,400,000. The difference is due to a temporary timing difference of warranty liabilities that have not been paid for yet. Create the journal entry for income tax expense, income tax payable, and deferred