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Isaac Inc. began operations in January 2018 For certain of its property sales, Isaac recognizes income in the period of sale for financial reporting purposes.
Isaac Inc. began operations in January 2018 For certain of its 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 2018, Isaac had $703 milion in sales of this type. Scheduled collections for these sales are as follows: 2018 $ 08 million 2019 2020 142 million 143 million 2021 178 million 2022 152 million $703 million Assume that isaac has a 29% 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 2019, what deferred tax ability would isaac report in its year-end 2019 balance sheer? (Round your answer to the nearest whole mon) Multiple Choice O $204 million $67 million $163 million $137 million
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