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Multiple Choice Question 57 Crane Co. at the end of 2017, its first year of...

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Multiple Choice Question 57 Crane Co. at the end of 2017, its first year of operations, prepared a reconciliation between pretax financial income and taxable income as follows Pretax financial income Estimated litigation expense Installment sales Taxable income $1380000 3600000 (2200000) $2780000 The estimated litigation expense of $3600000 will be deductible in 2019 when it is expected to be paid. The gross profit from the installment sales will be realized in the amount of $1100000 in each of the next two years. The estimated liability for litigation is classified as noncurrent and the installment accounts receivable are classified as $1100000 current and $1100000 noncurrent. The income tax rate is 40% for all years The deferred tax liability to be recognized is $2320000 $1112000 $440000 $880000. Click if you would like to Show Work for this question: Open Show Work

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