A taxpayer registered in 2010 made available the following financial information for taxable year 2021:

Balance Sheet:

Asset - Php 500,000

Liability - Php 100,000

Stockholders' Equity - Php 400,000

Income Statement:

Gross sales - Php 100,000,000

Cost of sales Php 60,000,000

Operating Expenses - Php 30,000,000

How much is the income tax payable under CREATE Law if the taxpayer is a domestic corporation?

Choices:

Php 2,000,000

Php 400,000

Php 3,000,000

Php 2,500,000