A company first year of operations began on January 1, Year 1. The company recognizes revenues from all sales under the accrual method for financial reporting purposes and appropriately uses the installment method for income tax purposes. Duff's gross margin on installment sales under each method was as follows: Year Year 1 Year 2 Accrual Method Installment Method $32,000 52,000 $ 12,000 28,000 There are no other temporary differences. Enacted income tax rates are 25% for Year 2 and 20% thereafter. In the December 31, Year 2 balance sheet, the deferred income tax liability should be: O $8,800 O $11,000 O $4,800 O $6.000 Which of the following differences leads to a deferred tax liability? O Contingent expense/liability O Long-term loss accrual - excess carried to the next year Payment of tax penalty O Depreciation expense, tax in excess of book