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20 Isaac Inc. began operations in January 2021. For some property sales, Isaac recognizes income in the period of sale for financial reporting purposes. However,
20 Isaac Inc. began operations in January 2021. For some property sales, Isaac recognizes income in the period of sale for financial reporting purposes. However, for income tax purposes, Isaac recognizes income when it collects cash from the buyer's installment payments In 2021, Isaac had $685 million in sales of this type. Scheduled collections for these sales are as follows: 801077 2021 2022 2023 2024 2025 $ 78 million 134 million 134 million 168 million 171 million $685 million Assume that Isaac has a 25% income tax rate and that there were no other differences in income for financial statement and tax purposes. Ignoring operating expenses and additional sales in 2022 what deferred tax liability would Isaac report in its year-end 2022 balance sheet? (Round your answer to the nearest whole million) 20) Multiple Choice Moltiple Choice 2 otos 56 o $128 million o $59 million o $104 milion. o $8 million
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