8. In 2020, Argentina Company received an advance payment of P1,000,000, which was subject to tax but not reported in accounting income until 2021 The income statement and tax return showed the following 2030 2021 Income before tax per income statement 6,000,000 9,000,000 Income before tax per tax return 7,000,000 8,000,000 Income tax rate 30% 30% Required: 1. Prepare journal entries to record the income tax and deferred tax for 2020 and 2021. 2. Present the income tax expense in the income statement for 2020 and 2021