Business, 12.10.2021 08:20, dezmondadelson23

Crane Co. at the end of 2020, its first year of operations, prepared a reconciliation between pretax financial income and taxable income as follows: Pretax financial income $2340000
Estimated litigation expense 3340000
Extra depreciation for taxes (5352000)
Taxable income $328000

The estimated litigation expense of $3340000 will be deductible in 2021 when it is expected to be paid. Use of the depreciable assets will result in taxable amounts of $ 1784000 in each of the next 3 years. The income tax rate is 20% for all years. The deferred tax asset to be recognized is :

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Crane Co. at the end of 2020, its first year of operations, prepared a reconciliation between pretax...