Mapitse is a tailor operating from a workshop she bought in Jube 1980 for P78,000. She is running the business as a sole trader and has a staff complement of fi e people. She has decided to scale down the operations and serve only a handful of her loyal customers duecto old age, she is turning 72 years, and as a result sold her own workshop in August 2020 for P940,000 as well as selling costs of P53,000. She moved into a smaller workshop in April 2021 which she bought for P470,000. She also sold an antiquated painting that she was keeping in the Business and realized a chargeable gain of P61,000

REQUIRED (a) Calculate the capital gains tax payable by Mapitse,assuming no other capital transactions were carried out during 2020/2021. * Assets bought before 1 July 1982, allowable cost is original cost plus 10% compound interest for every complete 12 months from the date of acquisition to Jube 1982.