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Exercise 14-17 (Algorithmic) (LO. 2) Prance, Inc., earns pretax book net income of $1,453,000 in 2016. Prance acquires a depreciable asset in 2016, and first-year

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Exercise 14-17 (Algorithmic) (LO. 2) Prance, Inc., earns pretax book net income of $1,453,000 in 2016. Prance acquires a depreciable asset in 2016, and first-year tax depreciation exceeds book depreciation by $145,300. In 2017, Prance reports $1,017,100 of pretax book net income, and the book depreciation exceeds tax depreciation that year by $36,325. Prance reports no other temporary or permanent book-tax differences. Assume the pertinent U.S. tax rate is 35%. Enter below the 2017 end-of-year balance in Prance's deferred tax asset and deferred tax liability balance sheet accounts If an amount is zero, enter "O". If required, round your answers to the nearest dollar. a. Deferred tax asset account balance 0 b. Deferred tax liability account balance 50,855 X

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