Akoto Corporation reported pretax book income of $2,000,000. Tax depreciation exceeded book depreciation by $500,000. During the year, the company capitalized $250,000 into ending inventory under 263A. Capitalized inventory costs of $150,000 in beginning inventory were deducted as part of cost of goods sold on the tax return. Compute the company's taxes payable or refundable.

Akoto Corporation reported pretax book income of $2,000,000. Tax depreciation exceeded book depreciation by $500,000. During the year, the company capitalized $250,000 into ending inventory under $263A. Capitalized inventory costs of $150,000 in beginning inventory were deducted as part of cost of goods sold on the tax return. Compute the company's taxes payable or refundable. Note: Amounts to be deducted should be indicated by a minus sign