Problem $17-54($LO $17-2)($Static$)$

Song Incorporated reported pretax book income of $$10,000,000.$ At the end of the year, the reserve for bad debts had a balance of $$100,000$; there was no beginning balance in the account. In addition, tax depreciation exceeded book depreciation by $$200,000.$ Song Incorporated sold a fixed asset and reported book gain of $$50,000$ and tax gain of $$75,000.$ Song's beginning book $($tax$)$ basis in its fixed assets was $$1,000,000($$$800,000)$ and its ending book $($tax$)$ basis is $$1,500,000($$$1,125,000).$ Finally, the company received $$250,000$ of tax$-$exempt life insurance proceeds from the death of one of its officers. 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 either a deferred tax expense or a deferred tax liability.