Weaver Company had a net deferred tax liability of $34,000 at the beginning of the year, representing a net taxable temporary difference of $100,000 (taxed at 34%). During the year, Weaver reported pretax book income of $400,000. Included in the computation were favorable temporary differences of $50,000 and unfavorable temporary differences of $20,000. At the beginning of the year, Congress reduced the corporate tax rate to 21%. What would be Weaver's deferred income tax expense or benefit for the current year?

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Temporary Difference is Basically the Difference Between Financials of asset and Liability as per Bo... View the full answer