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Cross Company reported the following results for the year ended December 31, 2015, its first year...

Cross Company reported the following results for the year ended December 31, 2015, its first year of operations:

                                                                                                    2015     

Income (per books before income taxes)                          $   750,000

Taxable income                                                                      1,200,000

The disparity between book income and taxable income is attributable to a temporary difference which will reverse in 2016. What should Cross record as a net deferred tax asset or liability for the year ended December 31, 2015, assuming that the enacted tax rates in effect are 40% in 2015 and 35% in 2016

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