13. Chamber Company revealed the following differences between the book and tax basis of the assets and liabilities on December 31, 2020 Book basis Tax basis Installment accounts receivable 1,000,000 Litigation Liability 200,000 It is expected that the litigation liability will be settled in 2021. The difference in accounts receivable will result in taxable amounts of P600,000 in 2021 and P400,000 in 2022. The entity has a taxable income of P7,000,000 in 2020. The income tax rate is 30%. This is the first year of operations of the entity 1. What amount should be reported as current tax expense? a. 2,100,000 b. 2,400,000 c. 2,460,000 d. 2,040,000 2. What amount should be reported as total tax expense? 2,400,000 b. 2,340,000 c. 2.160,000 d. 2,400,000 3. What amount should be reported as deferred tax liability? a. 240,000 b. 360,000 C. 300,000 d. 4. What amount should be reported as deferred tax asset? 300,000 b. 300,000 60,000 d. a. c. 0 170