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 750,000 Estimated litigation expense 1,000,000 Extra depreciation for taxes (1,500,000) Taxable income 250,000 The estimated litigation expense of 1,000,000 will be deductible in 2022 when it is expected to be paid. Use of the depreciable assets will result in taxable amounts of 500,000 in each of the next three years. The income tax rate is 30% for all years.

make a journal entry to record the income taxes at the end of 2021.