In 2020, Alpha Company accrued a loss and liability for legal costs of $450,000. This loss is tax deductible when paid Payments are expected to be paid as follows: 2021: $225,000, 2022: $135,000, and 2023: $90,000. The company's pretax GAAP income including the accrued legal costs is $5 million in 2020. The enacted tax rate is 25%. The company had no other differences between GAAP and tax, and its deferred tax accounts had zero balances at the beginning of 2020. Management believes any benefit from potential assets it has is likely to be fully realized. Required: a) Prepare any journal entries necessitated by the given information as of December 31, 2020. The entry or entries need to be in proper form and show all calculations, using words to describe each item, as part of the explanations. Round to whole dollars and two places for percentages. b) Assume now that management believes it will receive only 50% of the benefit of any tax assets it records. Prepare any journal entries necessitated by the given information as of December 31, 2020. The entry or entries need to be in proper form and show all calculations, using words to describe each item, as part of the explanations. Round to whole dollars and two places for percentages. c) Why don't the additional steps required by GAAP in part b) above after recording a deferred tax asset apply to deferred tax liabilities? Explain briefly in complete sentences. d) Show how all tax-related items would be reported on the 2020 income statement beginning with "Income or loss) before income taxes" and ending with "net income or loss)." Make sure you show the current income tax expense separately from the deferred income tax expense. e) Show how all tax-related items would be reported on the 2020 classified balance sheet. Indicate clearly whether each asset or liability item is current or noncurrent