Compute taxable income and income taxes payable for 2020.

Ayayai Corporation reports pretax financial income of $262,600 for 2020. The following items cause taxable income to be different than pretax financial income. 1. Rental income on the income statement is less than rent collected on the tax return by $62,300. 2. Depreciation on the tax return is greater than depreciation on the income statement by $43,200. 3. Interest on an investment in a municipal bond of $5,900 on the income statement. Ayayai' tax rate is 30% for all years, and the company expects to report taxable income in all future years. There are no deferred taxes at the beginning of 2020. (a) Compute taxable income and income taxes payable for 2020. Taxable income $ Income taxes payable $