The following data is available for a publicly accountable corporation for its year ended December 31, 2020:

Net book value of PP&E, beginning of year	$4,500,000
Net book value of PP&E, end of year	5,200,000
UCC of assets, beginning of year	6,300,000
UCC, end of year	6,800,000

The entity incurred a large operating loss during 2019. At December 31, 2019, the loss carryforward amounted to $3,500,000. At December 31, 2020, the loss carryforward amounted to $2,000,000. Management estimates that it is probable that this loss will be drawn down by the end of 2023. The tax rate enacted at December 31, 2019, was 25%. The 2020 tax rate of 26% was enacted on May 31, 2020, and the 2021 tax rate of 28% was enacted on November 30, 2021. What is the deferred tax expense for the year ended December 31, 2020?

Question 19 options:

a)

$34,000

b)

$317,000

c)

$355,000

d)

$389,000