Chamber Company reported the following differences between the book basis and tax basis of assets and liabilities on December $31,2024,$ which is the end of first year of operations.

Carrying amount Tax base

Installment Accounts Receivable $3,000,0005,500,000$

Litigation liability $150,000270,000$

The difference in accounts receivable will result in taxable amounts of P$1,500,000$ in $2025$ and P$1,000,000$ in $2026.$ It is expected that the litigation liability will be settled in $2025.$ The taxable income is P$7,000,000$ in $2024$ and it is expected to have taxable income in the following years. The income tax rate is $30\%.$

$1.$ What amount should be reported as current tax expense?

A$.2,400,000$

B$.2,040,000$

C$.2,100,000$

D$.2,460,000$

$2.$ What amount should be reported as deferred tax asset?

A$.60,000$

B$.0$

C$.300,000$

D$.$ None of the above

$3.$ What amount should be reported as deferred tax liability?

A$.60,000$

B$.0$

C$.300,000$

D$.$ None of the above

$4.$ What amount should be reported as total income tax expense?

A$.2,861,000$

B$.2,443,000$

C$.2,814,000$

D$.2,841,000$