Question 6 At the beginning of 2021, Cullumber Co. purchased an asset for $1250000 with an estimated useful life of 5 years and an estimated salvage value of $139000. For financial reporting purposes the asset is being depreciated using the straight-line method; for tax purposes the double-declining-balance method is being used. Cullumber Co.'s tax rate is 20% for 2021 and all future years. At the end of 2021, which of the following deferred tax accounts and balances is reported on Cullumber's balance sheet? Account Balance Deferred tax asset $44440 Deferred tax asset $55560 Deferred tax liability $44440 Deferred tax liability $55560 Open Show Work Click if you would like to Show Work for this question: SUBMIT ANSWER Question Attempts: 0 of 1 used