Headland Company reports pretax financial income of $66,100 for 2020. The following items cause taxable income to be different than pretax financial income. 1 Depreciation on the tax return is greater than depreciation on the income statement by $14,800. 2 3. Rent collected on the tax return is greater than rent recognized on the income statement by $23,900. Fines for pollution appear as an expense of $10,600 on the income statement. Headland's 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) -Your answer is partially correct Compute taxable income and income taxes payable for 2020. Taxable income $ 85.800 Income taxes payable $ 34,320