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Ayayai Engines Ltd., a private business following ASPE, operates small engine repair outlets and is a tenant in several of Tran Holdings Inc's strip shopping malls. Ayayai signed several lease renewals with Tran that each called for a three-month rent-free period. The leases start at various dates and are for three to five years each. As with all of Tran's tenants, Ayayai pays rent quarterly, three months in advance, and records the payments initially to Prepaid Rent. The rent-free period obtained in the lease agreement with Tran Holdings Inc reduces the overall rental costs of the outlets over the term of each lease. Ayayai's accounting policy requires the leasing costs of each outlet to be allocated evenly over the term of the lease to fairly match expenses with revenues. Ayayai accrues rent expense during the rent-free period to an account called Rent Payable. Following the rent-free period, the Rent Payable account is amortized to Rent Expense over the remaining term of the lease. For tax purposes, Ayayal must use the cash basis and is unable to deduct the rent expense accrued during the rent-free periods. On its tax return, Ayayai can deduct the actual rent payments only when they are made. The following are balances for the accounts related to prepaid rent and rent payable under leases as well as payments for interest to earn tax-exempt income and payments for golf club dues for the years ended December 31, 2021 and 2020: Prepaid Rent (assume current classification and no balance at Dec 31, 2019) Rent Payable (assume non-current classification and no balance at Dec 31, 2019) Golf Dues Expense Interest Expense (incurred to earn tax-exempt income) 2021 $93,600 129.800 10.500 8,600 2020 $89,900 142.000 15,400 5.000 In 2020. Ayayai's tax rate is 28%, and for subsequent years it is 27%. Income before income tax for the year ended December 31 2020 was 5909.000. During 2021. Ayayai's tax rate changed to 29% for 2021 and subsequent years. Income before income tax for the year ended December 31, 2021 was $1.035,000. Calculate the Future Tax Asset or Future Tax Liability account balances at December 31, 2020 and 2021. (Enter negative amounts using either a negative slon preceding the number eg.-45 or parentheses eg. (451) 2020 2021 Future tax asset/ (liability) $ V $ e Textbook and Media List of Accounts Calculate taxable income and income tax payable for 2020 and 2021. 2020 2021 Taxable income $ $ Income tax payable S $ Prepare the journal entries to record income taxes for 2020 and 2021. (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 for the amounts.) Date Account Titles and Explanation Debit Credit 2020 (To record current tax expense) (To record future tax expense) 2021 (To record current tax expense) (To record future tax expense) Prepare a comparative income statement for 2020 and 2021, beginning with the line "Income before income tax." (Enter negative amounts using elthera negative sign preceding the numbereg.-15 or parentheses eg. (15).) AyayaiEngines Ltd. (Partial) Income Statement 2021 2020 > $ $ $ $