Source of income              Taxable income before any           foreign income                                               foreign tax credit                        tax paid Philippine                                  480,000                                    - Hongkong                                 192,000                                45,000 China                                          96,000                                 30,000 total                                          768,000                                 75,000 How much is the income tax payable of ABC assuming that foreign income taxes are claimed as tax credit?

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