answer is wrong Exercise 17-27 (LO. 6) Prance, Inc., earns...
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Accounting
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Exercise 17-27 (LO. 6) Prance, Inc., earns pretax book net income of $800,000 in 2019. Prance acquires a depreciable asset that year, and first-year tax depreciation exceeds book depreciation by $80,000. Prance reported no other temporary or permanent book-tax differences. The pertinent U.S. Federal corporate income tax rate is 21% and Prance earns an after-tax rate of return on capital of 8%. Compute Prance's current income tax expense for the year, 130,200
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