Exercise $13-17($Algorithmic$)($LO$.1,4)$

Prance, Inc., earned pretax book net income of $\backslash$$$1,005,000$ in $2023.$ During the year, Prance acquired a depreciable asset. Book depreciation for the year was $\backslash (\backslash$$ $100,500\backslash )$ while cost recovery for tax purposes was $\backslash (\backslash$$ $160,000\backslash ).$

In $2024,$ Prance reports $\backslash (\backslash$$ $703,500\backslash )$ of pretax book net income, and the book depreciation on the asset acquired in $2023$ was $\backslash (\backslash$$ $80,000\backslash )$ while cost recovery for tax purposes was $\backslash (\backslash$$ $25,125\backslash ).$ Prance reports no other temporary or permanent book$-$tax differences. Assume the pertinent U$.$S$.$ Federal corporate income tax rate is $\backslash (21\backslash \%\backslash )$ and Prance earned an after$-$tax rate of return on capital of $\backslash (4\backslash \%\backslash ).$

Enter below the $2024$ Prance's deferred tax benefit or expense and total tax expense that should be reported on its $2023$ balance sheet.

If an amount is zero, enter $"0".$ If required, round your answer to the nearest whole value.

a$.$ Deferred tax benefit or expense

b$.$ Total tax expense

c$.$ In net present value terms, what has been the value to Prance of accelerating $\backslash (\backslash$$ $25,125\backslash )$ of $2024$ book depreciation to $2023?$ The present value factor at $\backslash (8\backslash \%\backslash )$ is $0\mathrm{.}9615.$

$\backslash$$ x