Ivanhoe Company reports pretax financial income of $68,600 for 2020 . The following items cause taxable income to be different than pretaxfinancial income. 1. Depreciation on the tax return is greater than depreciation on the income statement by $15,600. 2. Rent collected on the tax return is greater than rent recognized on the income statement by $22,900. 3. Fines for pollution appear as an expense of $11,600 on the income statement. Ivanhoe'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 . Compute taxable income and income taxes payable for 2020 . Taxable income $ Income taxes payable $