Waterway Services Ltd. follows ASPE and had earned accounting income before taxes of $518,000 for the year ended December 31, 2020. During 2020, Waterway paid $80,000 for meals and entertainment expenses. In 2017, Waterways tax accountant made a mistake when preparing the companys income tax return. In 2020, Waterway paid $9,700 in penalties related to this error. These penalties were not deductible for tax purposes. Waterway owned a warehouse building for which it had no current use, so the company chose to use the building as a rental property. At the beginning of 2020, Waterway rented the building to Trung Inc. for two years at $56,000 per year. Trung paid the entire two years rent in advance. Waterway used the straight-line depreciation method for accounting purposes and recorded depreciation expense of $311,600. For tax purposes, Waterway claimed the maximum capital cost allowance of $465,300. This asset had been purchased at the beginning of the year for $3,069,000. In 2020, Waterway began selling its products with a two-year warranty against manufacturing defects. In 2020, Waterway accrued $294,000 of warranty expenses: actual expenditures for 2020 were $90,600 with the remaining $203,400 anticipated in 2021. In 2020, Waterway was subject to a 25% income tax rate. During the year, the federal government announced that tax rates would be decreased to 23% for all future years beginning January 1, 2021. Prepare the journal entries to record current and future income taxes for 2020