Please solve requirement 4 and 5

Management believes the tax position taken on the land sales has a greater than 50% chance of being upheld based on its technical merits, but the position taken on the interest has a less than 50% chance of being upheld. It is further believed that the following likelilhood percentages apply to the tax treatment of the land sales (S In millions): Amount Qualifying for Installment Sales Treatment Percentage Likelihood of Tax Treatment Being Sustained 202 202 202 202 20 70 60 50 1 0 30 Required 1. What portion of the tax benefit of tax-free interest will Tru recognize on Its 2018 tax return? 2. What portion of the tax benefit of tax-free interest will Tru recognize on its 2018 financial statements? 3.a. what portion of the tax on the $70 million income from the plots sold on an installment basis will Tru defer on its 2018 tax return? 3-b. What portion of the tax on the $70 million income from the plots sold on an installment basis will Tru defer in its 2018 financial statements? 4. Prepare the journal entry to record income taxes in 2018 assuming full recognition of the tax benefits in the financial statements of both differences between pretax accounting income and taxable income 5. Prepare the journal entry to record income taxes in 2018 assuming the recognition of the tax benefits in the financlal statements you Indicated in requirements 1-3 Answer is not complete Complete this question by entering your answers in the tabs below Req 1 to3 Req 4 Req 5 Prepare the journal entry to record income taxes in 2018 assuming full recognition of the tax benefits in the financial statements of both differences between pretax accounting income and taxable income. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) show less No Event General Journal Debit Credit Income tax expense 40 Deferred tax liability Income tax payable 28 13 Req 1 to 3 Req 5> Management believes the tax position taken on the land sales has a greater than 50% chance of being upheld based on its technical merits, but the position taken on the interest has a less than 50% chance of being upheld. It is further believed that the following likelilhood percentages apply to the tax treatment of the land sales (S In millions): Amount Qualifying for Installment Sales Treatment Percentage Likelihood of Tax Treatment Being Sustained 202 202 202 202 20 70 60 50 1 0 30 Required 1. What portion of the tax benefit of tax-free interest will Tru recognize on Its 2018 tax return? 2. What portion of the tax benefit of tax-free interest will Tru recognize on its 2018 financial statements? 3.a. what portion of the tax on the $70 million income from the plots sold on an installment basis will Tru defer on its 2018 tax return? 3-b. What portion of the tax on the $70 million income from the plots sold on an installment basis will Tru defer in its 2018 financial statements? 4. Prepare the journal entry to record income taxes in 2018 assuming full recognition of the tax benefits in the financial statements of both differences between pretax accounting income and taxable income 5. Prepare the journal entry to record income taxes in 2018 assuming the recognition of the tax benefits in the financlal statements you Indicated in requirements 1-3 Answer is not complete Complete this question by entering your answers in the tabs below Req 1 to3 Req 4 Req 5 Prepare the journal entry to record income taxes in 2018 assuming full recognition of the tax benefits in the financial statements of both differences between pretax accounting income and taxable income. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) show less No Event General Journal Debit Credit Income tax expense 40 Deferred tax liability Income tax payable 28 13 Req 1 to 3 Req 5>