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Li Corporation reported pretax book income of $ 6 3 0 , 0 0 0 . Tax depreciation exceeded book depreciation by $ 4 0

Li Corporation reported pretax book income of $630,000. Tax depreciation exceeded book depreciation by $406,000. Li's beginning book (tax) basis in its fixed assets was $1,930,000($1,724,000) and its ending book (tax) basis is $1,830,000($1,236,000). In addition, the company received $330,000 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $70,000. Assuming a tax rate of 21 percent, compute the company's deferred income tax expense or benefit.
Note: Enter all numbers as a positive number and indicate whether a deferred tax expense or a deferred tax benefit.

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