Magnifeco Corp. is a VAT-registered dealer of appliances. The following data are for the last quarter of 2018:

Sales, total invoice value P6,920,000 Purchases, net of input taxes 5,500,000 Sales return, total invoice value 200,000 Purchase return, net of VAT 300,000 Deferred input taxes (carried over from the third quarter of 2018) 12,000 The value added tax payable for the last quarter of 2018 by Magnifeco Corp. is:

Group of answer choices

P108,000

P84,000

P130,500

P96,000