Palmer Co. had a deferred tax liability balance due to a temporary difference at the beginning of 2022 related to P600,000 of excess depreciation. In December of 2022, a new income tax act is signed into law that lowers the corporate rate from 40% to 35%, effective January 1, 2024. If taxable amounts related to the temporary difference are scheduled to be reversed by P300,000 for both 2023 and 2024, Palmer should increase or decrease deferred tax liability by what amount?     Decrease by P30,000       Decrease by P15,000       Increase by P15,000       Increase by P30,000

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