The following facts relate to Buffalo Corporation. 1. Deferred tax liability, January 1, 2020, $48,800. 2. Deferred tax asset, January 1, 2020, $0. Taxable income for 2020, $115,900. 3. 4. Pretax financial income for 2020, $122,000. 5. Cumulative temporary difference at December 31, 2020, giving rise to future taxable amounts, $292,800. 6. Cumulative temporary difference at December 31, 2020, giving rise to future deductible amounts, $42,700. Tax rate for all years, 20%. 7. 8. The company is expected to operate profitably in the future. Compute income taxes payable for 2020. Income taxes payable $ $