SwiftyCorp. had a Deferred Tax Asset account with a balance of $96,900at the end of 2019 due to a single temporary difference of $323,000related to warranty liability accruals. At the end of 2020, this same temporary difference has increased to $357,500. Taxable income for 2020 is $921,000. The tax rate is30% for all years.

Calculate and record income taxes for 2020, assuming that it is more likely than not that the deferred tax asset will be realized. (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.) Income tax payable 276300 Year Account Titles and Explanation Debit Credit 2020 Current Tax Expense 265950 Current Tax Expense 265950 (To record current tax expense) 2020 Deferred Tax Asset 10350 Deferred Tax Benefit 10350 (To record deferred tax benefit)Date Account Titles and Explanation Debit Credit 1. 2020 Current Tax Expense Current Tax Benefit (To record current tax expense) 2020 Deferred Tax Expense Deferred Tax Expense (To record deferred tax expense) 2. 2021