CoursHeroTranscribedText: Brown Company's income statement for the year ended December 31, 2021 shows pretax income of P2,000,000. The company's tax rate for 2021 is 30%. The following items are treated differently in the tax return and in the accounting records: Tax return Accounting Records Rent revenue P140,000 P240,000 Depreciation Expense 560,000 440,000 Premiums on officers' life insurance - 180,000