The following differences enter into the reconciliation of financial income and taxable income of Crane Company for the year ended December 31, 2020, its first year of operations. The enacted income tax rate is 20% for all years. 1. Excess tax depreciation will reverse equally over a four-year period, 2021-2024. 2. It is estimated that the litigation liability will be paid in 2024 . 3. Rent revenue will be recognized during the last year of the lease, 2024. 4. Interest revenue from the New York bonds is expected to be $33,000 each year until their maturity at the end of Your answer is correct. Since this is the first year of operations, there is no beginning defehed tax asset or liability. Compute the net deferred tax expense (benefit). Net deferred tax expense $ Prepare the journal entry to record income tax expense, deferred taxes, and the income taxes payable for 2020 . (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)