Colombo Company included in 2020 a deferred income on installment sale of P500,000 in accounting income. This deferred income is expected to reverse for tax purposes in 2021. 2020 2021 Accounting income Taxable income Income tax rate 5,500,000 7,000,000 5,000,000 7,500,000 30% 30% Complete the table below. 2020 2021 FINANCIAL POSITION Deferred tax asset Deferred tax liability STATEMENT OF INCOME Net income before tax Taxable income Current tax expense Income tax benefit Deferred tax expense Total income tax expense 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% Complete the table below: 2020 FINANCIAL POSITION Deferred tax asset Deferred tax liability STATEMENT OF INCOME Net income before tax Taxable income Current tax expense Income tax benefit Deferred tax expense Total income tax expense