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Cross Company reported the following results for the year ended December 31, 2021, its first...

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Accounting

Cross Company reported the following results for the year ended December 31, 2021, its first year of operations:

2021 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 2022. What should Cross record as a net deferred tax asset or liability for the year ended December 31, 2021, assuming that the tax rate is 35% for all years?

make a journal entry to record the income taxes at the end of 2021.

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