Company B started business on January 1, 20X1, and bought the following piece of equipment.

Cost of asset	$200,000
Salvage	20,000
Useful life	5
Tax rate	21%
20X1 estimated tax payment	4,000

Depreciation for book and tax purposes is as follows:

	Book	Tax
20X1	36,000	80,000
20X2	36,000	48,000
20X3	36,000	28,800
20X4	36,000	17,280
20X5	36,000	5,920

20X1 income statement information:

Sales	362,000
Expenses (does not include depreciation expense and tax expense)	217,000

What is the ending balance of taxes payable on the December 31, 20X1 balance sheet?