Whitman Corporation reported pretax book income of $406,000. Book depreciation exceeded tax depreciation by $100,600. In addition, the company accrued vacation pay of $53,000 that was not deductible until paid in the next year. Whitman has a net operating loss carryforward of $200,600 from the prior year. Compute the company's deferred income tax expense or benefit for the current year.

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The Answer of Whitman Corporation reported pretax book income of $406,000. Book depreciation exceeded tax depreciation by $100,600. In addition, the company accrued vacation pay of $53,000 that was not deductible until paid in the next year. Whitman has a net operating loss carryforward of $200,600 from the prior year. Compute the company's deferred income tax expense or benefit for the current year.

Whitman Corporation Reported Pretax Book Income of $406,000