Nott Co. at the end of 2019 , its first year of operations, prepared a reconciliation between pretax financial income and taxable income as follows: Use of the depreciable assets will result in taxable amounts of $350,000 in each of the next three years. The estimated litigation expenses of $840,000 will be deductible in 2022 when settlement is expected. Using the above information, on your scratch paper prepare the journal entry to record income tax expense, deferred taxes, and income taxes payable for 2019, assuming a tax rate of 40% for all years. Use the journal entry prepared on scratch paper to answer the following questions: What is the Income Tax Expense amount and is it a debit or a credit in the journal entry? What is the Income Tax Payable amount and is it a debit or a credit in the journal entry? What is the Deferred Tax Asset amount (if any) and is it a debit or a credit in the journal entry? What is the Deferred Tax Liability amount (if any) and is it a debit or a credit in the journal entry