XYZ Corporation, a manufacturer, has a gross sales of P190$190$M for CY 2021,$2021,$ its 2$2$nd year of operation. Its total assets

amounted to P50$50$M,$,$ net of the value of the land of P6$6$M where its manufacturing plant and business operations are situated. Its

cost of sales and allowable operating expenses amounted to P100$100$M and P50$50$M,$,$ respectively. Compute for its Income Tax

Due for CY 2021.$2021.$

 

 

a.$.$ P10,000,000$10,000,000$

b.$.$ P8,000,000$8,000,000$

c.$.$ P12,000,000$12,000,000$

d.$.$ Exempt