Windsor Corporation reports pretax financial income of $266,500 for 2020 . The following items cause taxable income to be different than pretax financial income. 1. Rental income on the income statement is less than rent collected on the tax return by $65,400. 2. Depreciation on the tax return is greater than depreciation on the income statement by $41,700. 3. Interest on an investment in a municipal bond of $6,500 on the income statement. Windsor' tax rate is 30% for all years, and the company expects to report taxable income in all future years. There are no deferred taxes at the beginning of 2020. (a) X Your answer is incorrect. Compute taxable income and income taxes payable for 2020. Taxable income $ Income taxes payable $