In 2020, its first year of operations, SEA Corp. has a Php 1,000,000 net operating loss when the tax rate is 30%. The Bureau of Internal Revenue has extended to five years the carry-over period for net operating losses incurred by businesses in 2020 and 2021 due to the impact of the coronavirus pandemic.

a)What is the entry in 2020 to record the tax loss carryforward?

b)In 2021, SEA Corp has Php 400,000 taxable income and tax rate remains to be 30%. What entry would be made in 2021 to recognize the loss carryforward?