Metlock Corporation has provided the following information for the year ended December 31, 2020.

Metlock Corporation Income Statement For the Year Ended December 31, 2020
Revenue
Service Revenue		122,500
Dividend Revenue		11,900		$134,400
Operating Expenses
Supplies Expense		1,800
Depreciation Expense		20,700
Advertising Expense		900
Meals and Entertainment Expense		6,000
Rent Expense		9,300
Litigation Expense		8,400
Salaries and Wages Expense		40,900
Warranty Expense		3,800		91,800
Operating Income before income tax				$42,600

Additional Information:

1.		Metlock is privately owned, and uses ASPE. The dividend revenue represents dividends received from taxable Canadian corporations.
2.		Metlocks income tax rate is 30%.
3.		On January 1, 2020, Metlock had a future tax liability of $3,105 related to its property, plant, and equipment (PPE).
4.		During the year warranty expense of $3,800 was accrued. One half of this amount was paid during 2020. This is the first year Metlock offers warranties on services rendered.
5.		Property, plant, and equipment was purchased for $103,500 on January 1, 2019. These assets are being depreciated on a straight-line basis over five years with no residual value and have a 20% CCA rate. 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).
6.		On July 1, Metlock was sued by a competitor. Although the lawsuit has not been finalized, management believes that it is likely that a settlement will be reached in the next year for $8,400.
7.		On November 30, $3,600 cash was paid in advance for four months of advertising, starting Dec. 1.

Calculate taxable income and taxes payable for 2020.

Taxable Income		$
Taxes Payable		$

Prepare the journal entries to record 2020 income taxes (current and future). (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 future tax expense.)

Explain how the future tax amounts will be shown on the balance sheet.

Noncurrent Future Tax Liability		$
Current Future Tax Asset		$