R Corporation, a real estate lessor, collected rental income amounting to P1,900,000, net of 5% expanded withholding tax. The total operating expenses of the business amounted to P2,350,000. The corporation has a capital gain amounting to P500,000, not subjected to final capital gains tax.

How much is the amount of income tax due and tax refund to be reported in the 2021 ITR if the excess of MCIT over RCIT in the previous year amounted to P40,000?

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