AMCD Corporation, a manufacturer, has gross sales of P250,000,000.00 for calendar year 2021, it's 4th Calendar year of operation. Its total assets amounted to P60,000,000, net of the value of the land of P6,000,000.00 where its manufacturing plant and business operations are situated. Its cost of sales and allowable operating expense amounted to P130,000,000.00 and P50,000,000.00 respectively. (1) Compute for its income tax due for CY 2021 (2) Is the AMCD Corporation subject to MCIT? Explain.

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