On December 31, 2020, Landmark Company reported the following: Income before tax for accounting purposes, P11,850,000; Rent expense for financial accounting purposes is P1,500,000 while rent expense...

On December 31, 2020, Landmark Company reported the following:
Income before tax for accounting purposes, P11,850,000; Rent expense
for financial accounting purposes is P1,500,000 while rent expense for tax
purposes is P1,050,000; Tax depreciation is P3,000,000 while accounting
depreciation is P1,500,000; Loss on a case incurred but not yet paid so
tax-deductible in the future is P600,000. The tax rate is 30%. Compute for the net income after tax.