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Tractor Co$?$ Taxes Tractor Co$.$ is a retailer of farm machinery based in Delaware and is subject to the state's gross receipts tax. Tractor Co$.$ had $$2$ million in sales during $20$X$2($assume these sales were earned evenly throughout the year, and none of these sales were made to related parties$).$ Of these sales, $$1\mathrm{.}8$ million were to customers purchasing in$-$state. The remaining sales were to customers who purchased the machinery in Delaware but were out$-$of$-$state residents planning to take the machinery out of state with them. Tractor Co$.$ has asked for your help estimating its liability for gross receipts, including: $1)$ identifying the appropriate accounting framework $($Codification topic$),2)$ understanding how the tax expense will be presented on its income statement; and $3)$ understanding its tax liability assuming the taxes have not been paid yet as of year$-$end $20$X$2.$ In addition to performing Codification research, consult nonauthoritative guidance as necessary, as well as Delaware tax laws. Assume that Tractor Co$.$ is set up as quarterly gross receipts tax filer. Assume that Tractor Co$.$ has already paid the $$75$ annual filing fee for its business license.There are so many fun cases to play with it's sometimes hard to pick just one. Anyway, this one is interesting because you are going to need to add to the facts of the case.The following is required:you are going to need to look up $($internet search$)$ Delaware Gross Tax Receipts to bring in relevant facts about $($among other things$)(1)$ the nature of the tax, $(2)$ to whom and under what circumstances it applies, $(3)$ when payments are due.By way of a hint, I will point out that some of the examples in the text which we may discuss in class give you something of a start on this question.Your response memo should include at least one journal entry with both appropriate accounts and amounts.HintThe Gross Receipts Tax rates is $0\mathrm{.}0945\%.$Required $1$:$1$Provide a journal entry, $3$ issues, analysis, And conclusion.$2$Use ASC $740-10-15-13$Find more fasb codification to use$4$Cite this information into the memoApply$$ codification topics$$ into the memo and Put them where they are needed and write analysis for each.$$Required $2$:$1$identifying the appropriate accounting framework $($Codification topic$),2$understanding how the tax expense will be presented on its income statement;$3$understanding its tax liability assuming the taxes have not been paid yet as of year$-$end $20$X$2.$

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