A domestic corporation in its 8th year of operations as of January 1, 2021, classified as MSME under CREATE law, has the following data: 2021 P17,000,000 Sales P10,500,000 Cost of Sales P6,750,000 Operating Expenses 2022 P23,000,000 Sales P14,250,000 Cost of Sales P4,800,000 Operating Expenses How much is the income tax payable for 2021?
1) P 65,000
2) P 130,000
3) P 350,000
4) Cannot be determined