The following information came from the record of the KING University, Inc., a private educational institution, for the fiscal year ended May 31, 202x:

Income: Miscellaneous fees P362,600

Tuition fees 2,843,100

Income from rents 60,000

Net income, school canteen 36,200

Net income, book store 24,800

Dividends 1 5,000

Interest income on time deposits 45,000

Expenses: Payroll and administrative salary 1,425,420

Other operating expense 762,330

Interest on P750,000 bank loan 82,100

Depreciation, new six room building 37,500

In the first month of the fiscal year, the school secured a loan from a bank in the amount of P750,000. The proceeds of the loan were spent in the construction of a new s-room building.

Can you show me the proper way of computing its taxable income and income tax payable of King University?