Cref,Inc,estimated at January 1,20X3,that Its Income Before Taxes for the Year

Multiple Choice

Cref,Inc.,estimated at January 1,20X3,that its income before taxes for the year ended December 31,20X3,would be $600,000.Cref,Inc.'s tax rate for the year is 40%.The company made quarterly tax payments on April,June,September,and December 15.The actual income before taxes for the year ended December 31,20X3,for Cref,Inc.,was $620,000.What was the balance in the income tax payable account at December 31,20X3 after payment of yearly taxes?

A) $0
B) $8,000
C) $15,000
D) $10,000
E) $20,000