AC 302 Week 3 Quiz 100% Correct

AC 302 Question 5.	Question :	Cross Company reported the following results for the year ended December 31, 2014, its first year of operations:
                                                                                                    2014      
Income (per books before income taxes)                                $   1,500,000
Taxable income                                                                        2,400,000

The disparity between book income and taxable income is attributable to a temporary difference which will reverse in 2015. What should Cross record as a net deferred tax asset or liability for the year ended December 31, 2014, assuming that the enacted tax rates in effect are 40% in 2014 and 35% in 2015?

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