Bestlook Company provided the following information for its first year of operations ended December 31, 2020 in connection with the preparation of it income tax return: Accounting income Nondeductible expenses P8,000,000 400,000 Nontaxable revenue 600,000 Deferred income on installment sales included in financial income but taxable in 2013 900,000 Doubtful accounts recorded 200,000 Financial depreciation 600,000 Tax depreciation 700,000 Estimated warranty cost accrued in 2012 but not deductible for tax purposes until paid Income tax rate 200,000 35% Instructions: 1. Prepare the entry to record the current tax expense in 2020 2. Prepare the entry to record deferred tax liability 3. Prepare the entry to record the deferred tax asset 4. Present the income tax expense in income statement