The following information has been obtained for Cullumber Corporation.

Prior to $2025,$ taxable income and pretax financial income were identical.

Pretax financial income is $$1,869,000$ in $2025$ and $$1,345,000$ in $2026.$

On January $1,2025,$ equipment costing $$1,172,000$ is purchased. It is to be depreciated on a straight$-$line basis over $5$ years

for tax purposes and over $8$ years for financial reporting purposes. $($Hint: Use the half$-$year convention for tax purposes, as

discussed in Appendix $10$A$.)$

Interest of $$59,000$ was earned on tax$-$exempt municipal obligations in $2026.$

Included in $2026$ pretax financial income is a gain on discontinued operations of $$191,000,$ which is fully taxable.

The tax rate is $20\%$ for all periods.

Taxable income is expected in all future years.

$($a$)$

Compute taxable income and income taxes payable for $2026.$

Taxable income

Income taxes payable

$