Johannesson&Johannesson started their operations December 2021. When Johannesson&Johannesson sells certain pieces of land for development, the company recognizes income for financial reporting purposes ("the accountant's perspective") in the year of the sale. For some pieces of land, Johannesson&Johannesson recognizes income for tax purposes ("the tax man's perspective") when collected. Income recognized for financial reporting purposes in 2021 for pieces of land sold this way was $22 million, which Johannesson&Johannesson will collect over the next three years. The collections are scheduled as follows:

2022	$	6	million
2023		11	million
2024		5	million
	$	22	million

Johannesson&Johannesson's pre-tax accounting income for 2021 was $30 million. The enacted tax rate is 40%. Your task: 1. Assum that there are no differences between taxble income and accounting income except for those described above. Please prepare the journal entry to record income taxes in 2021. 2. Next, suppose that there is a new tax law which changes the tax rate from 40% to 35%, beginning in 2023. This new law is enacted in 2022, when Johannesson&Johannesson's pretax accounting income was $25 million. Assume that only past land sales are affected by this tax rate change (i.e. there are no new temporary differences. Only the DTA/DTL related to the land sold in 2021 is affected). Please prepare the journal entries to record Johannesson&Johannesson's income taxes in 2022. 3. If the tax rate had not changed, what would the balance in the deferred tax liability account have been at the end of 2022?