XYZ corporation provided the following data for calendar year ending December 31, 2021 ($ 1= P50). Use new tax rate under CREATE Law (RA 11534) Philippines Abroad Gross income P4, 000, 000 $ 40, 000...

XYZ corporation provided the following data for calendar year ending December 31, 2021  ($ 1= P50). Use new tax rate under CREATE Law (RA 11534)

Philippines Abroad

Gross income P4, 000, 000 $ 40, 000

Deductions 2, 500, 000 $ 15, 000

Income Tax Paid $ 3, 000

REQUIRED: Compute for the below:

A. If it opts to claim the tax paid abroad as deduction from gross income, compute  for its income tax.