The following facts relate to Wildhorse Corporation.
1. Deferred tax liability, January 1, 2020, $42,000.
2. Deferred tax asset, January 1, 2020, $0.
3. Taxable income for 2020, $99,750.
4. Pretax financial income for 2020, $105,000.
5. Cumulative temporary difference at December 31, 2020, giving rise to future taxable amounts, $252,000.
6. Cumulative temporary difference at December 31, 2020, giving rise to future deductible amounts, $36,750.
7. Tax rate for all years, 20%.
8. The company is expected to operate profitably in the future.
Compute income taxes payable for 2020.