The A School, is a private educational institution recognized by the government. The following are the financial data for its fiscal year ending June 30, 2011: Tuition fees P 12,800,000.00 Miscellaneous fees 1,800,000.00 Interest on bank deposits 12,300.00 Rent income of school facilities to outsiders 350,000.00 Salary and bonuses all personnel 7,500,000,00 Other operating expenses 3,500,000,00 Repayment of loan 400,000.00 Quarterly (three quarters) income tax paid 48.000,00 A building was constructed on April 2, 2011 at a cost of P2,000,000 with a depreciable life of 50 years Assuming the cost of construction is treated as an expense, the income tax payable by the school for the year ended June 30, 2011 is