facilities. The facilcarued an estimated $3,500,000 loss on the disposal of unused plant In 2019, Cheese Company e The enacted tax rate is 30% in both 2019 and 2020, Cheese paid $1,170,000 in income taxes in 20 The facilities were so ld in March 2020 and a $3,500,000 loss was recognized for tax purposes. 19. Required: Determine the deferred tax consequence (i.e., " deferred tax asset" or "deferred tax liability" and dollar amount) reported on Cheese's balance sheet at December 31, 2019