Sunland Inc.'s only temporary difference at the beginning and end of 2016 is caused by a $3,450,000 deferred gain for tax purposes for an installment sale of a plant asset, and the related receivable (only one-half of which is classified as a current asset) is due in equal installments in 2017 and 2018. The related deferred tax liability at the beginning of the year is $1,380,000. In the third quarter or 2016, a new tax rate of 34% is enacted into law and is scheduled to become effective for 2018. Taxable income for 2016 is $5,750,000, and taxable income is expected in all future years. Determine the amount reported as a deferred tax liability at the end of 2016 Deferred tax liability Prepare the ournal entry necessary to adjust the deferred tax liability when the new tax rate is enacted into law. Credit account titles are utomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Draft the income tax expense portion of the income statement for 2016. Begin with the line "Income before income taxes."Assume no permanent differences exist. (Enter loss using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Sunland Inc.'s Income Statement (Partial) Sunland Inc.'s only temporary difference at the beginning and end of 2016 is caused by a $3,450,000 deferred gain for tax purposes for an installment sale of a plant asset, and the related receivable (only one-half of which is classified as a current asset) is due in equal installments in 2017 and 2018. The related deferred tax liability at the beginning of the year is $1,380,000. In the third quarter or 2016, a new tax rate of 34% is enacted into law and is scheduled to become effective for 2018. Taxable income for 2016 is $5,750,000, and taxable income is expected in all future years. Determine the amount reported as a deferred tax liability at the end of 2016 Deferred tax liability Prepare the ournal entry necessary to adjust the deferred tax liability when the new tax rate is enacted into law. Credit account titles are utomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Draft the income tax expense portion of the income statement for 2016. Begin with the line "Income before income taxes."Assume no permanent differences exist. (Enter loss using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Sunland Inc.'s Income Statement (Partial)