Multiple Choice Question 62 Cullumber Company reported the following results for the year ended December 31, 2018, its first year of operations: 2018 Income (per books before income taxes) $2049000 Taxable income 3250000 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? $480400 deferred tax liability $420350 deferred tax asset $480400 deferred tax asset $420350 deferred tax liability Click if you would like to Show Work for this question: Open Show Work