Using the facts of Problem 14, determine Prance’s 2020 deferred tax expense, total tax expense, and any deferred tax asset or liability.

Data from Problem 14.

Prance, Inc., earned pretax book net income of $800,000 in 2020. Prance acquired a depreciable asset that year, and first-year tax depreciation exceeded book depreciation by $80,000. Prance reported no other temporary or permanent book-tax differences. The pertinent U.S. tax rate is 21%, and Prance earned an after-tax rate of return on capital of 8%. Compute Prance’s current income tax expense for the year.