prepare journal entry to record income tax expense, deffered taxes, and income tax payable. with steps please

Nott Co. at the end of 2007 , 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 2010 when settlement is expected. Prepare the journal entry to record income tax expense, deferred taxes, and income taxes payable for 2007 , assuming a tax rate of 40% for all years