Recording Deferred Income Tax (Supplement B) LO 9-6

The balance sheet for Nair Corporation provided the following summarized pretax data:

	Year 1				Year 2
Deferred tax liability	$	355,000			$	463,000

The income statement reported tax expense for Year 2 in the amount of $580,000.

Required:

1. What was the amount of income taxes payable for Year 2?