Cross Company reported the following results for the year ended December 31, 2015, its first year of operations:

2015

Income (per books before income taxes) $ 750,000

Taxable income 1,200,000

The disparity between book income and taxable income is attributable to a temporary difference which will reverse in 2016. What should Cross record as a net deferred tax asset or liability for the year ended December 31, 2015, assuming that the enacted tax rates in effect are 40% in 2015 and 35% in 2016