The income tax rate is 30% and there are no other temporary differences at the beginning of the year. Required: 1. Prepare journal entry to record the revaluation on January 1, 2020. 2. Prepare journal entry to record the deferred tax liability on January 1, 2020. 3. Prepare journal entry to record the current tax expense for 2020 4. Prepare the adjustment of the deferred tax liability on December 31,2020 5. Prepare the adjustment of the revaluation surplus on December 31, 2020. 6. Present the income tax expense in the income statement for 2020. Problem 16-11 (IFRS) Aloha Company provided the following information on December 31, 2020: Carrying Amount Tax Base 1,500,000 1,650,000 Accounts Receivable Motor Vehicle Provision for Warranty Deposits received in advance 120,000 150,000 1,750,000 1,250,000 0 0 The depreciation rates for accounting and taxation are 1970 and 25% respectively. The deposits are taxable when received and warranty costs are deductible when paid. An allowance for doubtful accounts of P250,000 has been raised against accounts receivable for accounting purposes but such accounts are deductible only when written off as uncollectible. The entity showed net income of P8,000,000 in the income statement for 2020. The income tax rate is 30%. There are no temporary differences at the beginning of the current year. Required: 1. Determine the deferred tax liability on December 31,2020.