The following facts relate to Sheridan Corporation. 1. Deferred tax liability, January 1, 2020, $45,200. 2. Deferred tax asset, January 1, 2020, $0. 3. Taxable income for 2020, $107,350. 4. Pretax financial income for 2020, $113,000. 5. 6. Cumulative temporary difference at December 31, 2020, giving rise to future taxable amounts, $271,200. Cumulative temporary difference at December 31, 2020, giving rise to future deductible amounts, $39,550. 7. Tax rate for all years, 20%. 8. The company is expected to operate profitably in the future. Compute income taxes payable for 2020. Income taxes payable $