Operating income and tax rates for Cullumber Companys first three years of operations were as follows:

	Income	Enacted tax rate
2020	$290000	25%
2021	($890000)	20%
2022	$1570000	30%

Assuming that Cullumber Company opts only to carryforward its 2021 NOL, what is the amount of deferred tax asset or liability that Cullumber Company would report on its December 31, 2021 balance sheet?

Amount

Deferred tax asset or liability

$178000

Deferred tax liability

$178000

Deferred tax asset

$222500

Deferred tax liability

$267000

Deferred tax asset