Exercise 14-16 (Algorithmic) (LO. 2) Prance, Inc., earns pretax book net income of $1,069,000 in 2016. Prance acquires a depreciable asset that year, and first-year tax depreciation exceeds book depreciation by $106,900 In 2017, Prance reports $748,300 of pretax book net income, and the book depreciation exceeds tax depreciation that year by $26,725. Prance reports no other temporary or permanent book-tax differences. Assume the pertinent U.S. tax rate is 35%. If required, round your computations to the nearest dollar. For 2017, compute the following for Prance, Inc. a. Current income tax expense b. Deferred income tax expense c. Total income tax expense 224,490X 37,415 X 261,905 V