In 2010, Weatherford Corporation reported pretax financial income of $400,000. Included in that pretax financial income was $150,000 of nontaxable life insurance proceeds received as a result of the death of an officer; $120,000 of warranty expenses accrued but unpaid as of December 31, 2010; and $10,000 of bad debts estimated to be uncollectible (but not written off as of December 31, 2010). Assuming that no income taxes were previously paid during the year and an income tax rate of 30%, the amount of income taxes payable on December 31, 2010, would be