Crestview Electric Company is required to make instalments for income tax, so they submitted the same amount on the first day of every month of the year. On December 31 they made an adjusting journal entry. The entry debited Income Tax Receivable for $20,000 and credited Income Tax Expense for $20,000. If their total income tax expense was $160,000, what was the amount of each monthly instalment?

$13,333

$11,667

$20,000

$15,000