The accountant of Light Company received the following as compensation during the current taxable year: a. Cash amounting to P850,000 representing his annual basic salary. b. A second-hand motor vehicle with an acquisition value of P950,000. The accumulated depreciation at the time of payment was P450,000. The prevailing market value of a similar vehicle at the time of payment was P600,000 c. Non-interest-bearing note of P400,000, payable in three years. The prevailing market rate of a similar note is 12%. The present value factor of 12% for 3 years is 0.71178 d. Christmas bonus, 13th month pay and cash gift of 50,000. How much is the income tax payable?

Select one:

a.395,413.60

b.460,000

c.30,000

d.410,413.60