Show calculations and circle the final answer for each question. Circle only ONE answer Problem 1 ABC Co. establishes a liability at the end of 2020 for the estimated litigation settlement for manufacturing defects of: a S 120,000,000 All related costs will be paid and deducted on the tax return in 2021. Also, at the end of 2020, the company has: Temporary differences due to excess depreciation for tax purposes The amount of the temporary differences to be reversed in 2021 $ 30,000,000 $ 12,000,000 The enacted tax rate for all years is: In 2020, the company paid taxes of: 25% $ 30,000,000 ABC expects to have taxable income in 2021 Assume that the only deferred tax account at the beginning of 2020 was a deferred tax liability of S 3,000,000 Draft the income tax expense portion of the income statement for 2020