Zeus company reported pretax financial income of P3,000,000 for the year ended december 31 2020 . The taxable income was P4,000,000.

The difference is due to rental received in advance. Rental income is taxable when received.

Theincome tax rate is 30% and zeus company made estimated tax payment of P500,000 during the current year.

Required:

A. Prepare journal entries relating to income tax for 2020.

B. Compute the total income tax expense for 2020.