The following facts relate to Kingbird Corporation. 1. Deferred tax liability, January 1,2020,$48,000. 2. Deferred tax asset, January 1,2020,$0. 3. Taxable income for 2020,$114,000. 4. Pretax financial income for 2020,$120,000. 5. Cumulative temporary difference at December 31,2020 , giving rise to future taxable amounts, \$288,000. 6. Cumulative temporary difference at December 31,2020 , giving rise to future deductible amounts, $42,000. 7. Tax rate for all years, 20%. 8. The company is expected to operate profitably in the future. (a) Compute income taxes payable for 2020. Income taxes payable $