Business, 19.03.2021 18:30 liliauedt

Isaac Inc. began operations in... Isaac Inc. began operations in January 2021. For some property sales, Isaac recognizes income in the period of sale for financial reporting purposes. However, for income tax purposes, Isaac recognizes income when it collects cash from the buyer's installment payments. In 2021, Isaac had $670 million in sales of this type. Scheduled collections for these sales are as follows:

2021 $81 million
2022 127 million
2023 127 million
2024 160 million
2025 175 million
$670 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. Ignoring operating expenses and additional sales in 2022, what deferred tax liability would Isaac report in its year-end 2022 balance sheet?

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Isaac Inc. began operations in... Isaac Inc. began operations in January 2021. For some property sal...

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