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CoursHeroTranscribedText: Novak Enterprises Ltd., a private company following ASPE earned accounting income before taxes of 51301000 for the year ended December 31, 2020. During 2020, Noyak paid $205,000 for meals and entertainment expenses. In 201?, Noyalcs tax accountant made a mistake when preparing the company's income tax return. In 2020, Novalc paid $16,000 in penalties related to this error. These penalties were not deductible fortax purposes. Novak owned a warehouse building for which it had no current use, so the company chose to use the building as a rental property. At the beginning of 2020, Novak rented the building to SPK Inc. for two years at $254,000 per year. SPK paid the entire two years' rent in advance. Novak used the straightline depreciation method for accounting purposes and recorded depreciation expense of $398,000. For tax purposes, Novak ciaimed the maximum capital cost allowance of $623,000. Novak began to sell its products with a twoyear warranty against manufacturing defects in 2020 to match a warranty introduced by its main competitor. In 2020, Novak accrued $589,000 of warranty expenses: actual expenditures for 2020 were $284,000 with the remaining $305, 000 anticipated in 2021. In 2020, Naval: was subject to a 3596 income tax rate. During the year, the federal government announced that tax rates would be decreased to 33% for all future years beginning January 1, 2021. Prepare the journal entries to record current and future income taxes for 2020. required: to record current tax expense and xture fax expense mmmrmmmwummmmmwmwmmwmna "mummrmmsmmwwpmmmuwanum ~h'" Ii _ mm- :m E uni-puni- | ulna [Tumour-Imam") WIRE"!!! rm mmuh l I moose] (To "MummJ