CH 17 HW Book Print om Exercise 17-27 (Algorithmic) (LO. 6) Prance, Inc., carns pretax book net income of 1,625,000 in 2019. Prance acquires a depreciable asset that year, and first-year tax depreciation exceeds ook depreciation by $182,500. Prance reported no other temporary or permanent book-tax differences. The pertinent U.S. Federal corporate income tax rates 21% and Prance earns an after-tax rate of return on capital of 8% If required, round your answers to the nearest dollar, Compute Prance's current income tax expense for the year. rudback Check My W The deferred component of the book-tax expense is called the deferred tax expense or deferred tax benefit. This component represents the future tax cost for savings) connected with income reported in the current period financial statement 11. 12 14 15 Check My Work Progress: 7/15 items