Wildhorse Co. at the end of 2020, its first year of operations, prepared a reconciliation between pretax financial income and taxable income as follows:

Pretax financial income $3495000

Estimated litigation expense 4495000

Extra depreciation for taxes (6486000)

Taxable income $ 1504000

The estimated litigation expense of $4495000 will be deductible in 2021 when it is expected to be paid. Use of the depreciable assets will result in taxable amounts of $2162000 in each of the next 3 years. The income tax rate is 20% for all years.

Income taxes payable is