On June 30, 2020, PINK Company paid in advance a P190,000 premium on an annual insurance policy. The premium payment was a tax-deductible expense on PINKs 2020 cash basis tax return. The accrual basis statement of comprehensive income will report a P95,000 insurance expense for 2020 and 2021. PINKs income tax rate is 35% in 2020 and 38% thereafter.

In PINKs December 31, 2020 statement of financial position, what amount related to the insurance should be reported as deferred tax liability?