Exercise 17-27 (Algorithmic) (LO. 6)

Prance, Inc., earned pretax book net income of $1,689,000 in 2020. Prance acquires a depreciable asset that year, and first-year tax depreciation exceeds book depreciation by $168,900. Prance reported no other temporary or permanent book-tax differences. The pertinent U.S. Federal corporate income tax rate is 21% and Prance earns an after-tax rate of return on capital of 4%.

If required, round your answers to the nearest dollar.

Compute Prance's current income tax benefit or expense for the year.

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Please answer quickly

Prance, Inc., earned pretax book net income of $1,689,000 in 2020. Prance acquires a depreciable asset that year, and first-year tax depreciation exceeds book depreciation by $168,900. Prance reported no other temporary or permanent book-tax differences. The pertinent U.S. Federal corporate income tax rate is 21% and Prance earns an after-tax rate of return on capital of 4%. If required, round your answers to the nearest dollar. Compute Prance's current income tax benefit or expense for the year. $x