In 2021, Crane Company accrued, for financial statement reporting, estimated losses on disposal of unused plant facilities of $3480000. The facilities were sold in March 2022 and a $3480000 loss was recognized for tax purposes. Also in 2021, Crane paid $135600 in premiums for a two-year life insurance policy in which the company was the beneficiary. Assuming that the enacted tax rate is 20% in both 2021 and 2022, and that Crane paid $1050000 in income taxes in 2021, the amount reported as net deferred income taxes on Crane's balance sheet at December 31, 2021, should be a

$696000 asset.

$914400 asset.

$348000 asset.

$348000 liability.