As of December 31, 2019, Cheese Company did not have any transactions that resulted in temporary differences. In 2020, Cheese accrued an estimated $3,700,000 loss on the disposal of unused plant facilities. The facilities were sold in March 2021 and a $3,700,000 loss was recognized for tax purposes. The enacted tax rate is 20% for both 2020 and 2021. Cheese paid $1,200,000 in income taxes in 2020. Required: Determine the deferred tax consequence (i.e., "deferred tax asset" or "deferred tax liability" and dollar amount) reported on Cheese's balance sheet at December 31, 2020. Note: Make sure you show your work/thought process for getting your