The profit before tax, as reported in the income statement of Uwu Corporation for the year ended December 31, 2020. amounted to P1.920,000, including the following revenue and expense items: Rent revenue P450.000 . Unrealized gain on financial assets at fair value through profit or loss P110,000 . Dividend income P90.000 . Provision for doubtful accounts P29,800 Provision for inventory writedown - P39.800 Operating expenses see items 4 and 5 below. Interest expense P100,000 The statements of financial position of Uwu al December 31, 2020 and 2019 showed the following assets and liabilitics: Assets Cash and cash equivalents Accounts receivable Allowance for doubtful accounts Financial assets at fair value through profit or loss Inventories Allowance for inventory writedown Land Building Accumulated depreciation Building Machinery and equipment Accumulated depreciation - Machinery and equipment. Deferred tax asset Liabilities Accounts payable Accrued operating expenses Unearned rent Income tax payable Loans payable Deferred tax liability 2020 800,000 1,385,000 (125,000) 800,000 (310,000) ? 750,000 (82,500) 400,000 1,450,000 1,450,000 (217,500) (145,000) 700,000 480,000 521,575 553,000 675,000 ? 1,000,000 2019 510,000 1,190,000 (95,200) 690,000 610,000 (42,700) 250,000 (192,000) Based on the information above, answer the following: 1. What is the balance of income tax payable as of December 31, 2020? 2. What is the balance of deferred tax asset as of December 31, 2020? 429,480 720,000 482,000 1,125,000 276,000 1,000,000 72,600 Additional information: 1. Uwu leased a portion of its building as an office space with Eksdi, Inc. on July 1, 2019 under an operating lease arrangement. Eksdi has already prepaid the entirel rent for three years amounting to P1,350,000, or P450,000 annually, on July 1. 2019. 2. Uwu invested in equity instruments that it classified at fair value through profit or loss. The cost of this investment on April 1, 2019 (the date of acquisition) was P500,000. The dividend received is related to this investment. 3. There were no write-offs nor reversals on the allowances for doubtful accounts and inventory writedown during the 2020. 4. 20% of the prepaid operating expenses on December 31, 2019 and 2020 results to a temporary difference, which will reverse the following year. 5.35% of the accrued operating expenses on December 31, 2019 and 2020 results to a lemporary difference, which will reverse the following year. 6. The depreciation for both building, and machinery and equipment are the same for accounting and taxation purposes. 7. The loan was drawn on January 1, 2018, with 10% interest payable every December 31. 3. What is the balance of deferred tax liability as of December 31, 2020? 4. How much is the total provision for (benent from) income tax for the year ended December 31, 2020?