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  1. business
  2. accounting
  3. prance, inc., earned pretax book net income of $1,

Prance, Inc., earned pretax book net income of $1,973,000 in 2020. Prance acquired a depreciable...

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Accounting

Prance, Inc., earned pretax book net income of $1,973,000 in 2020. Prance acquired a depreciable asset that year, and first-year tax depreciation exceeded book depreciation by $197,300. 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%.

If required, round your answers to the nearest dollar.

Compute Prance's current income tax expense for the year. $fill in the blank 1

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