The following facts relate to Marigold Corporation.

1. Deferred tax liability, January 1, 2020, $31,200.

2. Deferred tax asset, January 1, 2020, $10,400.

3. Taxable income for 2020, $109,200.

4. Cumulative temporary difference at December 31, 2020, giving rise to future taxable amounts, $239,200.

5. Cumulative temporary difference at December 31, 2020, giving rise to future deductible amounts, $98,800.

6. Tax rate for all years, 20%. No permanent differences exist. 7. The company is expected to operate profitably in the future.