ch 16 Problems to Submit - Tax 1.5 points Mc Graw Hill 7 Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Problem 16-7 (Static) Multiple differences; calculate taxable income; balance sheet classification; financial statement effects [LO16-2, 16-3, 16-5, 16-8] 2023 2024 Saved Income Statement $ 20 20 Sherrod, Incorporated, reported pretax accounting income of $76 million for 2024. The following information relates to differences between pretax accounting income and taxable income: Tax Return $26 35 a. Income from installment sales of properties included in pretax accounting income in 2024 exceeded that reported for tax purposes by $3 million. The installment receivable account at year-end 2024 had a balance of $7 million (representing portions of 2023 and 2024 installment sales), expected to be collected equally in 2025 and 2026 b. Sherrod was assessed a penalty of $2 million by the Environmental Protection Agency for violatio