Lynch Company had a net deferred tax asset of $69,360 at the beginning of the year, representing a net deductible temporary difference of $204,000 (taxed at 34 percent). During the year, Lynch...

Lynch Company had a net deferred tax asset of $69,360 at the beginning of the year, representing a net deductible temporary difference of $204,000 (taxed at 34 percent). During the year, Lynch reported pretax book income of $816,000. Included in the computation were favorable temporary differences of $24,000 and unfavorable temporary differences of $52,000. At the beginning of the year, Congress reduced the corporate tax rate to 21 percent. Lynch's deferred income tax expense or benefit for the current year would be: