6. Isaac Inc. began operations in January 2018. For certain of its property sales,...
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Isaac Inc. began operations in January 2018. For certain of its 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 2018, Isaac had $642 million in sales of this type. Scheduled collections for these sales are as follows $ 71 million 129 million 123 million 157 million 162 million $642 million 2818 Assume that Isaac has a 29% income tax rate and that there were no other differences in income for financial statement and tax purposes. Ignoring operating expenses, what deferred tax liability would Isaac report in its year end 2018 balance sheet? (Round your enswer to the nearest whole million.)
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