Purple Rose Corporation (PRC) reported pretax book income of $500,000. Tax depreciation exceeded book depreciation by $300,000. In addition, PRC received $250,000 of tax-exempt life insurance proceeds. The prior year tax return showed taxable income of $100,000. PRC had a deferred tax liability at the beginning of the year of $29,400 based on a balance of $140.000 of n- temporary differences. a. Compute Purple Rose's current income tax expense or benefit. b. Compute Purple Rose's deferred income tax expense or benefit.