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Use the following to answer questions 18-19: Answer net two questions with the following information:...

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Accounting

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Use the following to answer questions 18-19: Answer net two questions with the following information: Isaac Inc. began operations 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 12 $ 60 million 120 million 120 million 150 million 150 millien 2013 2014 2015 $000 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. 18. Ignoring operating expenses and additional sales in 2011, what deferred tax liability would Issac report in its year-end 2011 balance sheet? A. $162 million B. $ 96 million C. $128 million D. $180 million.. E. None of the above

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