Lion Corp. reported pretax accounting income in 2021, 2022, 2023 of $10 million, $12 million, and $15 million, respectively. The 2021 income statement does not include $4.5 million of magazine subscriptions received that year for one- and two-year subscriptions. The subscription revenue is reported for tax purposes in 2021. The revenue will be recognized for accounitng income purposes in 2022 ($1.5 million) and 2023 ($3 million). The income tax rate is 35% each year. Management determines that it's more likely than not that $1 million of the deferred tax asset ultimately will not be realized at the end of 2021. What amount does the company record to valuation allowance at the end of 2021 in light of information that it is more likely than not that some of the deferred tax asset will ultimately not be realized? $1,000,000. $350,000. O $1,500,000. $3,000,000. O None of the above.