Metlock Corporation has one temporary difference at the end of 2020 that will reverse and cause taxable amounts of $52,500 in 2021, $57,500 in 2022, and $62,200 in 2023. Metlocks pretax financial income for 2020 is $278,800, and the tax rate is 30% for all years. There are no deferred taxes at the beginning of 2020. (a) Compute taxable income and income taxes payable for 2020.

Taxable income $______

Income taxes payable $_________