WHITE Company started selling production equipment in 2020 on an installment basis. The company accounts for such sales under the accrual basis for financial reporting purposes and under the cash basis for tax reporting purposes. The excess gross income on installment sales recognized under the accrual basis over what was recognized under cash basis amounted to P5,000,000. In addition, the production equipment were sold under guarantee and accrued warranty liability recognized under accrual basis at December 31, 2020 amounted to P1,200,000. There were no other temporary differences between accounting income and taxable income in 2020. WHITEs pretax accounting profit for 2020 is P1,000,000. Any deferred tax asset resulting from any net operating loss carry forward is expected to be only 60% realizable. The income tax rate is 30% for current and future periods.

What is the amount of the net deferred tax liability to be reported on WHITEs statement of financial position at December 31, 2020?