31. LO.1, 4 Based on the facts and results of Problem 30 and the partial beginning-ofthe-

year tax and book balance sheet information below, determine Relix’s 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 depreciation—Buildings ($417,000) ($360,000)

Accumulated depreciation—Furniture & fixtures (35,200) (31,000)

Liabilities Accrued litigation expense $ –0– $ 34,000