Concord Enterprises Ltd., a private company following ASPE earned accounting income before taxes of $1,724,000 for the year ended December 31, 2020. During 2020, Concord paid $225,000 for meals and entertainment expenses. In 2017, Concords tax accountant made a mistake when preparing the companys income tax return. In 2020, Concord paid $24,000 in penalties related to this error. These penalties were not deductible for tax purposes. Concord 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, Concord rented the building to SPK Inc. for two years at $252,000 per year. SPK paid the entire two years rent in advance. Concord used the straight-line depreciation method for accounting purposes and recorded depreciation expense of $400,000. For tax purposes, Concord claimed the maximum capital cost allowance of $625,000. Concord began to sell its products with a two-year warranty against manufacturing defects in 2020 to match a warranty introduced by its main competitor. In 2020, Concord accrued $585,000 of warranty expenses: actual expenditures for 2020 were $283,000 with the remaining $302,000 anticipated in 2021. In 2020, Concord was subject to a 35% 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.

Account Titles and Explanation	Debit	Credit
(To record current tax expense.)
(To record future tax expense.)