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Li Corporation reported pretax book income of $752,500. Tax depreciation exceeded book depreciation by $620,000. In addition, the company received $320,000 of tax-exempt municipal bond

image text in transcribed Li Corporation reported pretax book income of $752,500. Tax depreciation exceeded book depreciation by $620,000. In addition, the company received $320,000 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $117,000. 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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