A domestic corporation, with total assets, excluding land, of more than P100 million, has the following tax information for taxable years 2021 and 2022:

	2021 (6th year of Operations)	2022 (7th year of Operations)
Gross income	P5,000,000	P8,000,000
Actual operating expenses	7,000,000	3,000,000
Net capital loss (other than from domestic shares of stock and real property)	1,000,000	500,000

How much is the income tax PAYABLE for taxable year 2022

P1,125,000

P700,000

P1,150,000

P1,250,000