Lateral Inc. started operations on January 1, 2020, and purchased $2,000,000 of equipment. The income tax rate for the company was 40% in 2020 and 38% in 2021. The following information is available for 2020 and 2021: 2020 $550,000 2021 $820,000 Accounting earnings before income tax Included in accounting earnings before income tax: Golf club dues Dividends from Canadian corporation Meals and entertainment Depreciation expense Warranty expense Deductions available for taxes CCA Warranty costs incurred 10,000 6.000 16,000 200,000 50,000 12,000 4,000 18,000 200.000 120,000 300,000 40,000 250,000 90,000 Required: Calculate the current portion of income tax expense and any deferred income taxes for 2020 and 2021. Prepare the journal entries required. Show all calculations