The following facts relate to Rally Company: Deferred tax liability, January 1 2021; 360,000. . Deferred tax asset, January 1, 2021; 105,000. Pretax financial income for 2021; P2,000,000. Non-taxable revenues, P340,000; non-deductible expenses, P210,000. Cumulative difference at December 31, 2021, giving rise to future taxable amounts, P970,000. Cumulative difference at December 31, 2021, giving rise to future deductible amounts P220,000. Tax rate for current and future years 30%. a) What is Rally Company's current tax expense for the year? Answer: b) What is Rally Company's net deferred tax expense (benefit) for the year? [use negative sign(-) for benefit] Answer: