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Harrison Corporation reported pretax book income of $807,500. Tax depreciation exceeded book depreciation by $690,000. In addition, the company received $160,000 of tax-exempt municipal bond

Harrison Corporation reported pretax book income of $807,500. Tax depreciation exceeded book depreciation by $690,000. In addition, the company received $160,000 of tax-exempt municipal bond interest. The company's prior year tax return showed taxable income of $36,000. Assuming a tax rate of 34 percent, compute the company's deferred income tax expense or benefit.

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