Isaac Incorporated began operations in January 2024. For some property sales, Isaac recognizes income in...
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Isaac Incorporated began operations in January 2024. For some property sales, Isaac recognizes income in the period of sale for financial reporting income when it collects cash from the buyer's installment payments. In 2024, Isaac had $647 million in sales of this type. Scheduled collections for these sales are as follows: 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 2025, what deferred tax liability would Isaac report in its year-end 2025 balance sheet? Note: Round your onswer to the nearest whole million. Multiple Choice S111 million $121 million $100 million
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