Haag Corp.'s 2021 income statement showed pretax accounting income of $2,500,000. To compute the federal income tax liability, the following 2021 data are provided:

Income from exempt municipal bonds $ 100,000

Depreciation deducted for tax purposes in excess of depreciation deducted for financial statement purposes 200,000

Enacted corporate income tax rate 20%

Compute the amount that Haag should record for income tax payable.