Skysong Corporation reports pretax financial income of $254,000 for 2020 . The following items cause taxable income to be different than pretax financial income. 1. Rental income on the income statement is less than rent collected on the tax return by $64,100. 2. Depreciation on the tax return is greater than depreciation on the income statement by $40,700. 3. Interest on an investment in a municipal bond of $6,000 on the income statement. Skysong' tax rate is 30% for all years, and the company expects to report taxable income in all future years. There are no deferred taxes at the beginning of 2020 . (a) Compute taxable income and income taxes payable for 2020 . Taxable income $ Income taxes payable $