In 2020, BEIGE Company reported pretax accounting profit of P5,000,000. Included in this amount was P900,000 of non-taxable life insurance proceeds received as a result of the death of a key management officer; P1,200,000 of warranty expenses incurred but unpaid as of December 31, 2020; and P200,000 of goodwill impairment loss. Also, that the company paid P800,000 for the first three quarters of the year which can be credited against the annual income tax payable and the enacted tax rate for current and future periods is 30%. What amount of income taxes payable will BEIGE Company report on its December 31, 2020 statement of financial position?