Question 15 1 pts Duncan Inc. uses the accrual method of accounting for financial reporting purposes and appropriately uses the installment method of accounting for income tax purposes. Profits recognized for books in 2017 will be collected in the following years: Collection of Profits 2018 $200,000 2019 $400,000 2020 $600,000 The enacted tax rates are: 40% for 2017, 35% for 2018, and 30% for 2019 and 2020. What amount should be included in the December 31, 2017, balance sheet for the deferred taxes related to the above temporary difference? $480,000 deferred tax liability $370,000 deferred tax asset $480,000 deferred tax asset $370,000 deferred tax liability