At the end of 2020, its first year of operations, Sunny Co prepared the following renciliation between accounting income and taxable income: Accounting income $ 400,000 Permanent difference (50,000) Temporary difference 200,000 Taxable income $ 550,000 The income tax rate is 25% for 2020 and a new tax rate of 20% was enacted into law late in 2020 and this new rate applies to 2021 and later years. Required: What is the deferred tax asset or deferred liability on December 31, 2020? Select one: O a. $40,000 deferred tax liability O b. $40,000 deferred tax asset O c. $50,000 deferred tax liability O d. $50,000 deferred tax asset