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Mathis Co. at the end of 2021 , its first year of operations, prepared a reconciliation between pretax financial The estimated litigation expense of $3,000,000 will be deductible in 2022 when it is expected to be paid. The gross profit from the installment sales will be realized in the amount of $1,200,000 in each of the next two years. The estimated liability for litigation is classified as noncurrent and the installment accounts receivable are classified as $1,200,000 current and $1,200,000 noncurrent. The income tax rate is 30% for all years. 6. The income tax expense for 2021 is a. $360,000. b. $540,000. c. $600,000. d. $1,200,000. 7. The deferred tax asset to be recognized at the end of year 2021 is a. $0. b. $180,000 current. c. $900,000 current. d. $900,000 noncurrent. 8. The deferred tax liability at the end of year 2021 to be recognized is a. $180,000. b. $540,000. c. $720,000. d. $360,000. Use the following information for questions 6 through 8. Mathis Co. at the end of 2021, its first year of operations, prepared a reconciliation between pretax financial income and taxable income as follows: The estimated litigation expense of $3,000,000 will be deductible in 2022 when it is expected to be paid. The gross profit from the installment sales will be realized in the amount of $1,200,000 in each of the next two years. The estimated liability for litigation is classified as noncurrent and the installment accounts receivable are classified as $1,200,000 current and $1,200,000 noncurrent. The income tax rate is 30% for all years. 6. The income tax expense for 2021 is a. $360,000. b. $540,000. c. $600,000. d. $1,200,000. 7. The deferred tax asset to be recognized at the end of year 2021 is a. $0. b. $180,000 current. c. $900,000 current. d. $900,000 noncurrent. 8. The deferred tax liability at the end of year 2021 to be recognized is a. $180,000. b. $540,000. c. $720,000. d. $360,000