At the end of the year, Novak Co. has pretax financial income of $704,000. Included in the $704,000 is $89,600 interest income on municipal bonds, $32,000 fine for dumping hazardous waste, and depreciation of $76,800. Depreciation for tax purposes is $57,600. Compute income taxes payable, assuming the tax rate is 30% for all periods.

Income taxes payable

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