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Harrison Corporation reported pretax book income of $720,000. Tax depreciation exceeded book depreciation by $440,000. In addition, the company received $350,000 of tax-exempt municipal bond

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Harrison Corporation reported pretax book income of $720,000. Tax depreciation exceeded book depreciation by $440,000. In addition, the company received $350,000 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $58,000. Assuming a tax rate of 21 percent, compute the company's deferred income tax expense or benefit. Deferred income tax expense

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