Problem 76- Regular corporate income tax (RCIT) and minimum corporate income tax (MCIT) Begonia Corporation, a domestic trading company, was incorporated and registered with the BIR five years ago. It had the following information for the year ended December 31, 20A1: Gross sales Sales discounts Sales returns Gain on sale of domestic shares P10,000,000 300,000 500,000 Cost of goods sold 4,000,000 Interest income on bank deposit 50,000 Interest income on loans 100,000 Dividend income on investment in domestic shares 400,000 Dividend income on investment in foreign shares 300,000 Gain on sale of transportation equipment 350,000 280,000 2,500,000 325,000 900,000 250,000 180,000 175,000 650,000 380,000 420,000 370,000 Salaries and bonuses Interest expense Depreciation expense Impairment loss on fixed assets Provision for doubtful accounts Loss on sale of equipment Fire loss Utilities expense Charitable contributions Pension expense The following are the additional information: a. Begonia wrote-off accounts receivables of P200,000. These were properly supported by documents to support worthlessness. b. Fire loss was supported by declaration of loss filed with the BIR within 30 days from the date of loss. c. Charitable contributions include P270,000 donations to government for priority projects in education and the balance pertains to donations to Aral Foundation, which is accredited by PCNC, for religious purposes. d. Pension expense was recognized in accordance with PAS 19. During 20A1, Begonia contributed P300,000 to its BIR-registered pension plan. Normal cost amounted to P200,000 based on actuarial valuation for funding. e. During 20A0, Begonia contributed P350,000 to its pension plan. Normal cost during the same year amounted to P220,000. Begonia opted to use the itemized deduction in calculating its taxable income. Required: 1. Determine the gross income subject to MCIT for the year ended December 31, 20A1. 2. Determine the MCIT for the year ended December 31, 20A1. 3. Determine the taxable income subject to RCIT for the year ended December 31, 20A1. 4. Determine the RCIT for the year ended December 31, 20A1. 5. Determine the income tax liability (excluding those subject to final taxes) for the year ended December 31, 20A1.