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Isaac Inc. began operat ions in January 2011. For certain of its property sales, Isaac...

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Accounting

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Isaac Inc. began operat ions in January 2011. 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 2011, Isaac had $600 million in sales of this type. Scheduled collections for these sales are as follows: 2011 60 million 2012 120 million 2013 2014 150 mllion 2015 150 million 120 m. 120 million $600 million Assume that Isaac has a 30% income tax rate and that there were no other differences in income for financial statement and tax purposes

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