Exercise $14-15($Algorithmic$)($L$0.1,4)$

Prance, Incy, earned pretax book net income of $$1,181,000$ in $2021.$ Prance acquired a depreciable asset that year, and first$-$year tax depreciation exceeded book depreciation by $$118,100.$ Prance reported no other temporary or permanent book$-$tax differences. The pertinent U$.$S$.$ Federal corporate income tax rate is $21\%,$ and Prance earned an after$-$tax rate of return on capital of $4\%.$

Enter below Prance's $2021$ deferred tax benefit or 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:

Current tax expense

Deferred tax expense

Total tax expense