If $100 of Income Tax Expense was accrued in January and $80 of Income Tax Payable was paid during the month, what was the balance in Income Tax Payable at January 1? (Hint: Prepare the adjusting journal entry for this transaction, post to the Income Tax Expense and Income Tax Payable T accounts, and work backward to determine the opening balance.) The balance in Income Tax Payable $ \begin{tabular}{lrr} & \begin{tabular}{l} WATERWAY LTD. \\ Adjusted Trial Balance (partial) \\ January 31, 2024 \end{tabular} & \\ & Debit & Credit \\ \hline Supplies & $640 & \\ Prepaid insurance & 1,140 & \\ Equipment & 6,600 & \\ Accumulated depreciation-equipment & & $2,750 \\ Income tax payable & & 160 \\ Deferred revenue & & 800 \\ Service revenue & 110 & 1,890 \\ Depreciation expense & 380 & \\ Insurance expense & 910 & \\ Supplies expense & 100 & \\ Income tax expense & & \\ \hline \end{tabular}