Using the facts of Problem 13, determine Prance’s 2021 deferred tax benefit or expense and any deferred tax asset or liability.

Data in Problem 13

Prance, Inc., earned pretax book net income of $800,000 in 2021. 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 4%. Compute Prance’s current income tax benefit or expense for the year.