Prance, Inc., earns pretax book net income of $800,000 in 2018. Prance acquires a depreciable asset that year, and first-year tax depreciation exceeds book depreciation by $80,000. 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 8%.

Compute the following for Prance, Inc.

a. Current income tax expense

b. Deferred income tax expense

c. Total income tax expense

Enter the 2018 end-of-year balance in Prance's deferred tax asset and deferred tax liability balance sheet accounts.

a. Deferred tax asset account balance

b. Deferred tax liability account balance