Prance in Problem 12 reports 600 000 of pretax book net
Prance, in Problem 12, reports $600,000 of pretax book net income in 2015. Prance’s book depreciation exceeds tax depreciation in this year by $20,000. Prance reports no other temporary or permanent book-tax differences. Assuming that the pertinent U.S. tax rate is 35% compute Prance’s total income tax expense, current income tax expense, and deferred income tax expense.
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