Problem $17-55($LO $17-2)($Algo$)$

Li Corporation reported pretax book income of $$645,000.$ Tax depreciation exceeded book depreciation by $$409,000.$ Li's beginning book $($tax$)$ basis in its fixed assets was $$1,945,000($$$1,736,000)$ and its ending book $($tax$)$ basis is $$1,845,000($ $$1,254,000).$ In addition, the company received $$345,000$ of tax$-$exempt municipal bond interest. The company's prior$-$year tax return showed taxable income of $$48,000.$ Assuming a tax rate of $21$ percent, compute the company's deferred income tax expense or benefit.

Note: Enter all numbers as a positive number and indicate whether a deferred tax expense or a deferred tax benefit.

Deferred income tax expense

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