A taxpayer registered in 2010 made available the following financial information for TY2021: Balance Sheet: Asset - Php 50,000,000 Liability - Php 30,000,000 Stockholders' Equity - Php 20,000,000 Income Statement: Gross sales - Php 10,000,000 Cost of sales - Php 6,000,000 Operating Expenses - Php 2.000.000

How much is the income tax due under CREATE Law if the taxpayer is a domestic corporation and uses itemized deduction as method of deduction? -Php 480,000 -Php 600,000 -Php 400,000 -Php 500,000