Exercise 14-17 (Algorithmic) (LO. 1, 4) Prance, Inc., earned pretax book net income of $861,000 in 2020. Prance acquired a depreciable asset in 2020, and first-year tax depreciation exceeded book depreciation by $86,100. In 2021, Prance reports $602,700 of pretax book net income, and the book depreciation exceeds tax depreciation that year by $21,525. Prance reports no other temporary or permanent book-tax differences. Assume 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 the 2021 Prance's deferred tax expense and any deferred tax asset or liability. If an amount is zero, enter "0". If required, round your answer to nearest whole value. a. Deferred tax asset account balance b. Deferred tax liability account balance c. In net present value terms, what has been the value to Prance of accelerating $21,525 of 2021 book depreciation to 2020? The present value factor at 8% is 0.9259. Feedback Check My Work 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 (or savings) connected with income reported in the current-period financial statement