Pine Corporation's books showed pretax income of P600,000 for the year ended December 31, 20x1.In the computation of federal income taxes, the following data were considered:

Gain on involuntary conversion (expropriation)P350,000

Depreciation deducted for tax purposes in excess of depreciation

deducted for book purposes50,000

Estimated tax payments during 20x170,000

Income tax rate30%

What amount should Pine report as its current income tax liability on its December 31, 20x1, balance sheet?