Use the following information for questions 6 through 8. Hopkins Co. at the end of 2014, its first year of operations, prepared a reconciliation between pretax financial income and taxable income as follows: Pretax financial income $1, 500, 000 Estimated litigation expense 2, 000, 000 Extra depreciation for taxes (3, 000, 000) Taxable income $ 500, 000 The estimated litigation expense of $2, 000, 000 will be deductible in 2015 when it is expected to be paid. Use of the depreciable assets will result in taxable amounts of $1, 000, 000 in each of the next three years. The income tax rate is 30% for all years. Income taxes payable is $0. $150, 000. $300, 000. $450, 000. The deferred tax asset to be recognized is $150, 000 current. $300, 000 current. $450, 000 current. $600, 000 current. The deferred tax liability to be recognized is Current Noncurrent $300, 000 $600, 000 $300, 000 $450, 000 $0 $900, 000 $0 $750, 000