Compute prances total income tax expense

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Reference no: EM131198245

Prance, Inc., earns pretax book net income of $800,000 in 2015. Prance acquires a depreciable asset in 2015, and first-year tax depreciation exceeds book depreciation by $80,000. Prance reported no other temporary or permanent book-tax differences.

Assuming that the relevant U.S. tax rate is 35%, compute Prance's total income tax expense, current income tax expense, and deferred income tax expense.

Reference no: EM131198245

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