Thu Developers, Inc, sells plots of land for industrial development. Tru recognizes income for financial reporting purposes in the year a sells the plots. For some of the plots sold this year, Tru took the position that it could recognize the income for tax purposes when the Installments are collected Income that Tru recognized for financial reporting purposes in 2021 for plots in this category was $80 million. The company expected to collect 60% of each sale in 2022 and 40% in 2023. This amount over the next two years is as follows 548 million 32 lion illion Tru's pretax accounting income for 2021 was $120 million. In its income statement, Tru reported interest income of $25 million unrelated to the land sales, for which the company's position is that the interest is not taxable. Accordingly, the interest was not reported on the tax return. There are no differences between accounting income and taxable income other than those described above. The enacted tax rate is 40 percent. 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 upheid. It is further believed that the following kelihood percentages apply to the tax treatment of the land sales (5 in millions Acant Qualifying for Percentage Likelihood of Instant Sales Treatment Tax Treatment. Being Sustained 5. 20 20 50 40 20% 20 205 ta Reg Regs Prethe journey to record income 2001, ming the recognition of the tax benefits in the financial statement you Indicated in requirements 1-3. (need for a transaction requires the first Bender your ini 1.000.000 habere 10) ) Journal entry worksheet