Blackboard X - X C Description Instructions Timed Test This test has a time limit of 50 minutes.This test will save and submit automatically when the time expires. Warnings appear when half the time, 5 minutes, 1 minute, and 30 seconds remain. Multiple Attempts Not allowed. This test can only be taken once. Force Completion Once started, this test must be completed in one sitting. Do not leave the test before clicking Save and Submit. Your answers are saved automatically. Remaining Time: 26 minutes, 44 seconds. y Question Completion Status: Moving to another question will save this response. Question 10 1 points Save Answer Isaac Inc. began operations in January 2021. For some 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 2021, Isaac had $600 million in sales of this type. Scheduled collections for these sales are as follows: 2021 $ 60 million 2022 120 million 2023 120 million 2024 150 million 2025 150 million $ 600 million 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 2022, what deferred tax liability would Isaac report in its year-end 2022 balance sheet? O $105 million. $90 million. O $112.5 million. $54 million. Moving to another question will save this response.