On January 1, 20X1, Local Bakery started operations. The company acquired a piece of equipment by issuing a note payable on that date. The note had a below market rate of interest. Terms of the purchase of the equipment. Note payable Note term Coupon rate Market rate $150,000 6 years 1.60% 4.80% The note is due in equal annual payments of principle and interest. The company uses straight-line depreciation for book purposes. Depreciation information on the equipment: Useful life of the equipment, no salvage 20X1 Tax depreciation 10 years $30,000 21% Tax rate What is the balance of deferred taxes payable-depreciation at December 31, 20X1