Using the facts of Problem 17, determine Mini’s 2021 deferred tax assets and liabilities, deferred tax benefit or expense, and total tax benefit or expense.

Data in Problem 17

Mini, Inc., earns pretax book net income of $750,000 in 2021. Mini recognized $20,000 in bad debt expense for book purposes. This expense is not yet deductible for tax purposes. Mini reports no other temporary or permanent booktax differences. The applicable U.S. tax rate is 21%, and Mini earns an after-tax rate of return on capital of 4%. Compute Mini’s current income tax benefit or expense.