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

2018Income (per books before income taxes)$2049000

Taxable income3250000

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

$420350 deferred tax asset

$480400 deferred tax asset

$480400 deferred tax liability

$420350 deferred tax liability