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Li Corporation reported pretax book income of $ 6 7 0 , 0 0 0 . Tax depreciation exceeded book depreciation by $ 4 1

Li Corporation reported pretax book income of $670,000. Tax depreciation exceeded book depreciation by $414,000. Li's beginning book (tax) basis in its fixed assets was $1,970,000($1,756,000) and its ending book (tax) basis is $1,870,000($1,284,000). In addition, the company received $370,000 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $42,000. 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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