Terms of the equipment purchase: Coupon rate 1.30% Market rate 6.25% $966,000 Note payable Note term 5 years The note is due in equal annual payments of principle and interest. The company uses straight-line depreciation for book purposes. Depreciation information: Useful life, no salvage 20X1 Tax depreciation Tax rate Estimated tax payment 10 years $120,000 25% 16,000 The accountant ignored market rate when producing the below income statement. Income Statement for the year ended December 31, 20X1 Sales $1,627,200 Expenses 1,366,800 Depreciation expense 96,6001 Interest expense 12,558 Pretax income 151,242 Tax expense 45,373 Net income $105,8691 What is the ending balance of taxes payable on the 20X1 balance sheet