On April 1,2019, ABC Company prepaid a P 38,000 premium on an annual insurance policy. The premium payment was a tax deductible expense in ABC's cash basis tax return. The accrual basis income statement will report a P 28,500 insurance expense in 2019 and 9,500 insurance expense for 2020. Income tax rate is 30% in 2019 and in subsequent years.

In ABC's December 31,2019 statement of financial position, what amount related to insurance should be reported as deferred tax liability?

Instruction:

Always round off up to 2 decimal places

The answer should be atleast 2 decimal places.