On January 1, 2020, Valley Company entered into a 3-year construction contract that had an estimated gross revenue of P3,000,000.

The entity used the percentage of completion in recognizing income and reported construction income as:

2020	600,000
2021	1,500,000
2022	900,000

The cost recovery method is used for income tax purposes and the entity reported construction income as:

2020	0
2021	0
2022	3,000,000

This is the only timing difference between pretax accounting income and taxable income.

The entity reported income before construction income and tax as:

2020	2,400,000
2021	3,600,000
2022	3,200,000
Income tax required	30%

Complete the table below.

	2020	2021	2022
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