Dixon Development began operations in December 2024. When lots for industrial development are sold, Dixon recognizes income for financial reporting purposes in the year of the sale. For some lots, Dixon recognizes income for tax purposes when collected. Income recognized for financial reporting purposes in 2024 for lots sold this way was $20 million, which will be collected over the next three. years. Scheduled collections for 20252027 are as follows: Pretax accounting income for 2024 was $29 million. The enacted tax rate is 40%. Required: 1. Assuming no differences between accounting income and taxable income other than those described above, prepare the journal entry to record income taxes in 2024. 2. Suppose a new tax law, revising the tax rate from 40% to 35%, beginning in 2026 , is enacted in 2025 , when pretax accounting income was $24 million. No 2025 lot sales qualified for the special tax treatment. Prepare the appropriate journal entry to record income taxes in 2025. 3. If the new tax rate had not been enacted, what would have been the appropriate balance in the deferred tax liability account at the end of 2025? Assuming no differences between accounting income and taxable income other than those described above, prepare the journal entry to record income taxes in 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5 ). Show less A Journal entry worksheet Suppose a new tax law, revising the tax rate from 40% to 35%, beginning in 2026 , is enacted in 2025 , when pretax accounting income was $24 million. No 2025 lot sales qualified for the special tax treatment. Prepare the appropriate journal entry to record income taxes in 2025 . Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (1.e., 5,500,000 should be entered as 5.5). Show less A Journal entry worksheet If the new tax rate had not been enacted, what would have been the appropriate balance in the deferred tax liability account at the end of 2025? Note: Enter your answer in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5)