Exercise 14-15 (Algorithmic) (LO. 1, 4) Prance, Inc., earned pretax book net income of $1,245,000 in 2020. Prance acquired a depreciable asset that year, and first-year tax depreciation exceeded book depreciation by $124,500. Prance reported no other temporary or permanent book-tax differences. The pertinent U.S. Federal corporate income tax rate is 21%, and Prance earned an after-tax rate of return on capital of 8%. Enter below Prance's 2020 deferred tax expense and any deferred tax asset or liability. If required, round your answer to nearest whole value. Balance Sheet Deferred tax liability 26,145 Income Statement Deferred tax expense 26,145 Prance's total tax expense will consist of the following: Current tax expense Deferred tax expense 26,145 Total tax expense