Spider Limited reported a total deferred income tax credit balance of $ 135,000 at December 31, 2020. Please refer to the breakdown below:

Difference between net book value and undepreciated capital cost on equipment $ 300,000 Cr.

Warranty Liability $ 105,000 Dr.

Loss Carry Forward $ 60,000 Dr.

The net book value of the assets on December 31, 2020 was $ 3,600,000 and the UCC was $ 2,600,000. The tax rate in effect at December 31, 2020 was 30%. The tax rate in the effect for the year ended December 31, 2021 is 29%. The tax rate in effect for the year 2022 (enacted at the end of 2020) is 26%.

The following information is available for the year ended December 31, 2021:

Net income before taxes amounted to $ 2,000,000.

Depreciation expense on equipment was $ 350,000 and capital cost allowance was $ 475,000.

One asset with a net book value of $ 56,000 and an original cost of $ 120,000 was disposed for proceeds of $ 65,000.

The warranty liability was increased by $ 35,000.

On July 1, 2021, Spider leased part of its building to Tango Ltd. on a two year operating lease. The monthly rent is $ 30,000 and Tango paid the first years rent in advance (July 1, 2021 to June 30, 2022). Spider reported the entire amount on its tax return. This resulted in a $ 180,000 difference between book and taxable incomes.

Dividend received from taxable Canadian corporations amounted to $ 65,000 during 2021.

Spider insured the lives of its chief executives. The premiums paid were $ 12,000 and this amount was shown as an expense on the income statement but not deductible for tax purposes.

Required: a) Calculate the current portion of income tax expense. b) Calculate the deferred portion of income tax expense.