Example $1$: The following differences enter into the reconciliation of financial income and taxable income of Abbott Company for the year ended December $31,2020,$ its first year of operations. The enacted income tax rate is $\backslash (20\backslash \%\backslash )$ 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, $2024.$ Instructions $($a$)$ Prepare a schedule of future taxable and $($deductible$)$ amounts. $($b$)$ Compute the deferred tax asset and liability at the end of $2020.($c$)$ Prepare the journal entry to record income tax expense, deferred taxes, and the income taxes payable for $2020.$