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CH 17 HW Book Print om Exercise 17-28 (Algorithmic) (LO. 6) Prance, Inc., carns pretax book net income of 1,801,000 in 2019. Prance acquires a
CH 17 HW Book Print om Exercise 17-28 (Algorithmic) (LO. 6) Prance, Inc., carns pretax book net income of 1,801,000 in 2019. Prance acquires a depreciable asset that year, and first-year tax depreciation exceeds ook depreciation by $180,100. Prance reported no other temporary or permanent book-tax differences. The pertinent US federal corporate income tax rate 21 and Prance earns en ster-tax rate of return on capital of 8 Enter below the Prance's 2019 deferred tax expense and any deferred tax asset or liability If required, round your answer to nearest whole value. Balance Sheet Deferred tax liability Income Statement Deferred tax expense Prance's total tax expense will consist of the following Cirrutar expense Date ted tax expense 11. Tatal tax expense 12 13 Foduct 14. Check My Wank 15 The deferred component of the book-tax expense is called the deferred tax expense or deferred tex benefit. This component represents the future tax cost (or savings) connected with income reported in the current-period financial statement Check My Work
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