Compute taxable income and income taxes payable for 2025 . Taxable income Income taxes payable $ Account Titles and Explanation Income Tax Expense Deferred Tax Asset Debit Credit 85560 12120 Deferred Tax Liability Income Tax Payable 18570 Income Tax Payable 79110 Crane Corporation reports pretax financial income of $263,700 for 2025 . 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 $61,900. 2. Depreciation on the tax return is greater than depreciation on the income statement by $40,400. 3. Interest on an investment in a municipal bond of $7,400 on the income statement. Crane' 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 2025