Pronghorn Corporation has one temporary difference at the end of 2020 that will reverse and cause taxable amounts of $53,300 in 2021, $58,600 in 2022, and $63,700 in 2023. Pronghorns pretax financial income for 2020 is $281,200, 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

$enter a dollar amount

Income taxes payable

$enter a dollar amount