Cross Company reported the following results for the year ended December 31, 2018, its first year of operations:

2018

Income (per books before income taxes) $ 2,000,000

Taxable income $ 3,200,000

The disparity between book income and taxable income is attributable to a temporary difference which will reverse in 2019.

What should Cross record as a net deferred tax asset or liability for the year ended December 31, 2018, assuming that the enacted tax rates in effect are 40% in 2018 and 35% in 2019?

#11 - Indicate whether a deferred Tax Asset or Deferred Tax Liability and $$ Amount as of December 31, 2018

Lyons Company deducts insurance expense of $210,000 for tax purposes in 2018, but the expense is not yet recognized for accounting purposes.

In 2019, 2020, and 2021, no insurance expense will be deducted for tax purposes, but $70,000 of insurance expense will be reported for accounting purposes in each of these years.

Lyons Company has a tax rate of 40% and income taxes payable of $180,000 at the end of 2018.

There were no deferred taxes at the beginning of 2018.

#12. What is the amount of the deferred tax liability at the end of 2018?

#13. What is the amount of income tax expense for 2018?

#14. Assuming that income taxes payable for 2019 is $240,000, the income tax expense for 2019 would be what amount?