Relix, Inc., is a domestic corporation with the following balance sheet for book and tax purposes at the end of the year. Based on this information, determine Relixs Federal net deferred tax asset or net deferred tax liability at year-end. Assume a 21% Federal corporate tax rate, no state or foreign taxes, and no need for a valuation allowance.

	Tax Debit/ (Credit)	Tax Debit/ (Credit)
Assets
Cash	$ 500	$ 500
Accounts receivable	8,000	8,000
Buildings	750,000	750,000
Accumulated depreciation	(450,000)	(380,000)
Furniture & fixtures	70,000	70,000
Accumulated depreciation	(46,000)	(38,000)
Total assets	$332,500	$410,500
	Tax Debit/ (Credit)	Book Debit/ (Credit)
Liabilities
Accrued litigation expense	$ 0	($ 50,000)
Note payable	(78,000)	(78,000)
Total liabilities	(78,000)	($128,000)
Stockholders' Equity
Paid-in capital	($ 10,000)	($ 10,000)
Retained earnings	(244,500)	(272,500)
Total liabilities and stockholders' equity	($332,500)	($410,500)

Based on the facts and results of Problem 31 and the partial beginning-of-the-year tax and book balance sheet information below, determine Relixs deferred tax benefit or expense for the year. Provide the journal entry necessary to record this amount.

	Tax Debit/ (Credit)	Book Debit/ (Credit)
Assets
Accumulated depreciationBuildings	($417,000)	($360,000)
Accumulated depreciationFurniture & fixtures	(35,200)	(31,000)
Liabilities
Accrued litigation expense	$ 0	($ 34,000)