Quiz 3 Pretax book income $900,000 Estimated litigation expense 100,000 Excess of tax over book depreciation 300,000 Interest Income on municipal bonds 200,000 No other permanent or temporary differences exist. The litigation item will be paid in 2018 and is appropriately considered a noncurrent liability. The depreciation will reverse evenly over the next three years. Tax rate is 30%. Future net income is probable. The 12/31/15 Income Tax Payable is: Select one: a. $90,000 C b. $150,000 c. $180,000 d. $240,000 C e. $120,000