Capetown Company has a deferred tax asset account with a balance of P180,000 in the financial year ended December 31, 2021 due to a single temporary difference of P600,000. December 31, 2022, this same temporary difference increased to a cumulative amount of P800,000. Taxable profit for 2022 is P1,000,000. The tax rate is uniform for all years.

Prepare entries relating to income tax for the year ended December 31, 2022; assuming that there will be sufficient future taxable profit against which deferred tax asset will be realized.