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In 2021, Prance reports $1,386,700 of pretax book net income, and the book depreciation exceeds tax depreciation that year by $49,525. Prance reports no other
In 2021, Prance reports $1,386,700 of pretax book net income, and the book depreciation exceeds tax depreciation that year by $49,525. Prance reports 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 8%.
If required, round your computations to the nearest dollar.
For 2021, compute Prance's current income tax expense for the year. $fill in the blank 1
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