Flint Services has provided the following information for use in determining its income tax obligations related to the year ended December 31, 2020.

Flint Services Income Statement For the Year Ended December 31, 2020
Revenue
Service Revenue		$790,000
Dividend Revenue		41,500
Life Insurance Claim Received		103,500
Total Revenue				$935,000
Operating Expenses
Office Expenses		20,050
Depreciation Expense		102,500
Advertising Expense		20,800
Meals and Entertainment Expense		17,200
Rent Expense		36,100
Litigation Expense		26,000
Life Insurance Premiums Paid		7,900
Salaries and Wages Expense		322,500
Warranty Expense		52,000
Total Operating Expense				605,050
Income From Operations				$329,950

Additional Information:

1.		Flint is publicly owned and uses IFRS. It has an income tax rate of 25%. The dividend revenue represents dividends received from taxable Canadian corporations.
2.		During the year warranty expense of $52,000 was accrued. $10,400 of this amount was paid in cash during 2020. This is the first year Flint offers warranties on services rendered.
3.		Property, plant, and equipment was purchased for $615,000 on January 1, 2019. These assets are being depreciated on a straight-line basis over six years with no residual value. For tax purposes the assets are classified as Class 8, 20%. This PPE is considered eligible equipment for purposes of the Accelerated Investment Incentive (the AII) (under the AII, instead of using the half-year rule, companies are allowed a first-year deduction using 1.5 times the standard CCA rate). This rate was used for 2019.
4.		Flint pays for life insurance policies for its top executives. During 2020, one of the executives died, and the company received a payment of $103,500 from the life insurance company.
5.		On July 1, Flint was sued by a competitor. Although the lawsuit has not been finalized, management believes that it is probable that a settlement will eventually be reached for $26,000.
6.		On November 15, $30,000 was received from a customer for three months of service, beginning on November 15. One half of this amount was earned and included in revenue for 2020. Advance payments are included in taxable income when the cash is received.
7.		On December 1, one of the company executives received a speeding ticket for $150. The company paid the ticket for the executive and recorded the cost as an office expense.

(a1)

Calculate taxable income and taxes payable for 2020.

Taxable Income		$
Taxes Payable		$

(a2)

Prepare the journal entries to record 2020 income taxes (current and deferred). (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

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