B Corporation has the following information for the taxable year 2021:

Quarter	RCIT	MCIT	CWT (2307 Received)
First (1st)	200,000	160,000	40,000
Second (2nd)	240,000	500,000	60,000
Third (3rd)	500,000	150,000	80,000
Fourth (4th)	300,000	200,000	70,000

Additional Information:

• Excess MCIT from 2020 - P60,000
• Excess Tax Credit from 2020 - P20,000

Note:

• Excess MCIT carry-over from the prior period is allowed only if RCIT is higher than MCIT.
• Carry-over of excess MCIT from the prior quarter is not allowed.

How much was the income tax payable for the first quarter?

a. P80,000

b. P120,000

c. P200,000

d. P160,000

How much was the income tax payable for the second quarter?

a. P660,000

d. P160,000

c. P200,000

d. P460,000

How much was the income tax payable for the third quarter?

a. P860,000

b. P140,000

c. P600,000

d. P120,000

How much was the annual income tax payable?

a. P230,000

b. P930,000

c. P1,260,000

d. P390,000

Using the same data in the table above except that the MCIT on the 4th quarter was P500,000, how much was the annual income tax payable?

a. P360,000

b. P380,000

c. P330,000

d. P1,310,000