CASE 2 (Corpoartion) A Glydellocks Inc., domestic corporation (on calendar year basis), incorporated on October 8, 2010, and started operations in 2010 as well. It is located in 121 Luna Street, Makati City 1209. It registered in RDO 009 with TIN 123-456- 789-000. The contact number and the official email address of the corporation are 018-882-1122 and glydellocks.co@gmail.com.ph. It has the following data in 2018. Sales, net of sales discounts P550,000 P25,000,000 Cost of Sales (13,000,000) Gross income 12,000,000 Salaries of employees (net of payroll deductions) 5,000,000 Fringe benefits given to: Rank and file employees 520,000 Managerial employees 650,000 Representation and entertainment expenses (business connected) 145,000 Rent expenses 200,000 Depreciation expenses 400,000 Bad debt expenses (1/2 charged off during the year) 50,000 Payroll deductions: CWT on compensation 600,000 $55 premiums 40,000 Philhealth contributions 60,000 Pag-IBIG contributions 12,000 Union dues 5,000 Lactation station expenses 100,000 Other income: Cash dividend received from: 1. Domestic corporation a. 70% of its income came from Philippine sources 90,000 b. 30% of its income came from Philippine sources 90,000 2. Resident foreign corporations a. 70% of its income came from Philippine sources 40,000 b. 30% of its income came from Philippine sources 40,000 3. Non-resident foreign corporation 20,000 Tax withheld by customers/clients during first 3 quarters (BIR Form 2307) 90,000 Tax withheld by customers/clients in 4" Quarter (BIR Form 2307) 30,000 Taxes paid in first 3 quarters: 1" Quarter [RCIT less credits P210,000 2" Quarter (MCIT less credits) 330,000 3"d Quarter (RCIT less credits) 444,900 REQUIRED: a. Prepare the annual income tax return of Glydellocks Inc