ASU Corporation at the end of 2019, its first year of operations, prepared a reconciliation between pretax financial income and taxable income as follows: Pretax financial income... $1,200,000 Rent received in advance....... 3,000,000 Excess of tax depreciation over book depreciation.. (2,400,000) Tax Income . . . . . . . . . . $1,800,000 The rent received in advance of $3,000,000 will be recognized in 2020. The excess of tax depreciation over book depreciation will reverse equally in the amount of $1,200,000 over the next two years. The income tax rate is 30%. The income tax payable to be recognized is The deferred tax asset and deferred tax liability to be recognized respectively is Asset--$900,000; Liability-- $720,000. Asset--$540,000; Liability- -$360,000. Asset- -$360,000; Liability --$540,000. Asset- - $720,000; Liability--$900,000. Question 10 (1 point) The income tax expense to be recognized is $360,000 $540,000