RED Company leased a building and received the P3,600,000 annual rental payment on June 15, 2020. The lease starts on July 1, 2020. Rental income is taxable when received. Enacted tax rates are 30% for 2020 and 35% thereafter. RED had no other permanent or temporary differences. RED determined that it will have taxable profits in future years. What amount of deferred tax asset should RED report in its December 31, 2020 statement of financial position?