Quinn Company reported a net deferred tax asset of $10,500 in its December 31, 2016, balance sheet. For 2017, Quinn reported pre-tax financial statement income of $300,000. Temporary differences of $100,000 resulted in taxable income of $200,000 for 2017. At December 31, 2017, Quinn had net cumulative taxable differences of $70,000. The income tax rate is 35%.

Required:

In its December 31, 2017, income statement, what should Quinn report as the deferred portion of income tax expense?