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Costello Corporation reported pretax book income of $501,900. During the current year, the reserve for bad debts increased by $8,800. In addition, tax depreciation exceeded book depreciation by $41,900. Finally, Costello received $3,950 of tax-exempt life insurance proceeds from the death of one of its officers. Costello's deferred income tax expense or benefit would be: a) $6,951 net deferred tax expense b) $7,781 net deferred tax expense c) $6,951 net deferred tax benefit d) $7,741 net deferred tax benefit
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