use home MindTap - Cengag 1%252Fw/active Wiley PLUS 30 DAY HALAL AG Mind Tap - CengagM McGraw-Hill Cor Saved Help Save Isaac Inc. began operations in January 2021. For some property sales, Isaac recognizes income in the period of sale for financia reporting purposes. However, for income tax purposes, Isaac recognizes income when it collects cash from the buyer's installm payments. In 2021, Isaac had $600 million in sales of this type. Scheduled collections for these sales are as follows: 2021 2022 2023 2024 2025 $ 60 million 120 million 120 million 150 million 150 million $600 million Assume that Isaac has a 25% income tax rate and that there were no other differences in income for financial statement and tax purposes. Suppose that, in 2022, legislation revised the income tax rates so that isaac would be taxed in 2023 and beyond at 30%, rather than 25%. Assume that there were no other differences in income for financial statement and tax purposes. Ignoring operating expenses and additional sales in 2022, what deferred tax liability would Isaac report in its year-end 2022 balance sheet?