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A small scale gold mine produced 15,000 MT of gold ore in 1993 averaging 6 grams Au/MT. It was able to sell the entire production

A small scale gold mine produced 15,000 MT of gold ore in 1993 averaging 6 grams Au/MT. It was able to sell the entire production at a selling price of P300.00/gram Au. If operating cost before taxes is P175.00/gram Au and the applicable taxes are excise tax=2% and income tax=35% of the gross sale. What would be the net income tax in 1994?

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