KK Company, in its first year of operations, has the following difference between the carrying value and tax base of its assets and liabilities at the end of 2018: Carrying Value Tax Base Equipment (net) 300,000 680,000 Estimated warranty liability 400,000 0 KK Company estimated that the warranty liability will be settled in 2019. The difference in equipment (net) will result in taxable amounts as shown below: Year Amount 2019 40,000 2020 60,000 2021 20,000 The company has taxable income of P1,040,000 for 2018. The income tax rate is 30%