Operating income and tax rates for C.J. Companys first three years of operations were as follows:

Income _ Enacted tax rate

2017 $400,000 35%

2018 ($1,000,000) 30%

2019 $1,680,000 40%

Assuming that C.J. Company opts to carryback its 2018 NOL, what is the amount of income taxes payable at December 31, 2019?

Select one:

a. $492,000

b. $432,000

c. none of the above

d. $272,000

e. $672,000