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What should cross record as a net deferred tax asset

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Problem - ABC Company reported the following results for the year ended December 31, 2019, its first year of operations: Income (per books before income taxes) is $1,500,000 and Taxable income is $2,400,000. The disparity between book income and taxable income is attributable to a temporary difference which will reverse in 2020. What should Cross record as a net deferred tax asset or liability for the year ended December 31, 2019, assuming that the enacted tax rates in effect are 30% in 2019 and 25% in 2020?

Reference no: EM133000592

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