An item of plant was purchased at the cost of $200,000 on 1 July 2018. For accounting purposes, it is expected to have a useful life of 5 years; however, for taxation purposes, it can be depreciated over 4 years. It is not expected to have any residual value. The tax rate is 30% In accordance with ASB 112 Income Taxes, at 30 June 2020, this item of plant will give rise to: Deferred tax liability 56.000 Deferred tax asset $20.000 Deferred tax liability $20,000 Deferred tax asset 56,000