The accountant of Cosine Corp. presented to you the following information in line with your audit of Cosine Corp.'s income tax related balances: Pre-tax financial income P12,000,000 Non-taxable income 1,200,000 Non-deductible expenses 400,000 Provision for warranties which are tax deductible upon 600,000 settlement in the future Prepaid advertising expenses which are tax deductible upon payment in the current period 500,000 Excess tax depreciation over financial depreciation 400,000 The current tax rate is at 32% but is expected to increase in the following year to 33%