Fast Inc had temporary differences related to the following future (deductible) or taxable amounts on December 31, 2020:

a) Prepaid Expenses $12,000

b) Depreciation Expense $45,000

c) Warranty Expense ($24,000).

There were no temporary differences on January 1, 2021. Taxable income was $40,000; Captain's Catering had $100,000 of pretax accounting income. The tax rate is 35%. Prepare the journal entry to record income taxes for 2020.