ABC Corporation, a retailer, has a gross sales of P$1\mathrm{.}4$B with a cost of sales of P$560$M and allowable deductions of P$150$M

for the calendar year $2021.$ Its total assets ofP$180$M as of December $31,2021$ per Audited Financial Statements includes the

land costing P$50$M and the building of P$25$M in which the business entity is situated, with an aggregate amount ofP$75$M as

fixed assets. Assuming CY $2021$ is the $5$th year of operation of ABC Corporation, compute the Income Tax Due.

a$.$ P$172,500,000$

b$.$ P$8,400,000$

c$.$ P$138,000,000$

d$.$ Exemp