ABC Company reported pretax financial income of P2,000,000 for the year ended december 31 2020 . The taxable income was P1,500,000.

The difference is due to accelerated depreciation for income tax purposes .

The income tax rate is 30% and ABC Company made estimated tax payment of P200,000 during the current year.

Required:

A. Prepare journal entries for 2020.

B. Compute the total income tax expense for 2020.