The information below is slightly different than the previous question. Work this question independently of the last question. On January 1, 20X1. ABC Company started operations. The company acquired a piece of equipment by issuing a note payable on that date. The note had a below market rate of interest. Terms of the equipment purchase: Coupon rate 1.30% Market rate 6.25% Note payable Note term $966,000 5 years The note is due in equal annual payments of principle and interest. The company uses straight-line depreciation for book purposes. Depreciation Information: Useful life, no salvage 20X1 Tax depreciation Tax rate Estimated tax payment 10 years $120,000 25% 16,000 The accountant ignored market rate when producing the below income statement. Expenses Income Statement for the year ended December 31, 20X1 Sales $1.627,200 1,366,800 Depreciation expense 96.600 12.558 .. Pretax income 151,242 Tax expense 45,372 Net Income $105,869 Interest expense What is the ending balance of taxes payable on the 20x1 balance sheet