Business, 30.10.2019 02:31 u8p4

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 $663 million in sales of this type. scheduled collections for these sales are as follows: 2018 $ 74 million 2019 126 million 2020 137 million 2021 171 million 2022 155 million $ 663 million assume that isaac has a 26% income tax rate and that there were no other differences in income for financial statement and tax purposes. suppose that, in 2019, legislation revised the income tax rates so that isaac would be taxed in 2020 and beyond at 36%, rather than 26%. assume that there were no other differences in income for financial statement and tax purposes. ignoring operating expenses and additional sales in 2019, what deferred tax liability would isaac report in its year-end 2019 balance sheet? (round your answer to the nearest whole million.)

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