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

Cost of asset	$400,000
Salvage	40,000
Useful life	5
Tax rate	21%
20X1 estimated tax payment	8,000

Depreciation for book and tax purposes is as follows:

	Book	Tax
20X1	72,000	160,000
20X2	72,000	96,000
20X3	72,000	57,600
20X4	72,000	34,560
20X5	72,000	11,840

What is the ending balance of deferred taxes payable-depreciation on the December 31, 20X3 balance sheet?