Dion Development began operations in December 2021. When lots for industrial development are sold, Dixon recognizes income for financial reporting purposes in the year of the sale For some lots, Dixon recognizes income for tax purposes when collected Income recognized for financial reporting purposes in 2021 for lots sold this way was $12 million, which will be collected over the next three years. Scheduled collections for 2022-2024 are as follows 2022 2023 2024 $ 4 million 5 million 3 million $12 million Pretax accounting income for 2021 was $16 million. The enacted tax rate is 25% Required: 1. Assuming no differences between accounting income and taxable income other than those described above, prepare the Journal entry to record income taxes in 2021 2. Suppose a new tax law.revising the tax rate from 25% to 20%, beginning in 2023, is enacted in 2022 when pretax accounting Income was $20 million No 2022. lot sales qualified for the special tax treatment. Prepare the appropriate journal entry to record income taxes in 2022 3. the new tax rate had not been enacted, what would have been the appropriate balance in the deferred tax liability account at the end of 2022 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Suppose a new tax law, revising the tax rate from 25% to 20%, beginning in 2023, is enacted in 2022, when preta accounting income was $20 million. No 2022 lot sales qualified for the special tax treatment. Prepare the appropria entry to record income taxes in 2022. (If no entry is required for a transaction/event, select "No journal entry requ first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as Sh No General Journal Debit Date Dec 31, 2022 Credit 1 Deferred tax liability Income tax payable 3,400,000.0 % 600,000.0 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Assuming no differences between accounting income and taxable income other than those described above, prepare the journal entry to record income taxes in 2021. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Enter your answers in millions (1,0, 5,000,000 should be entered as 5).) No Date General Journal Deblt Credit Dec 31, 2021 Deferred taxe ability 42,000,000 Income tax payable 10,000,000 $ Required: Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 If the new tax rate had not been enacted, what would have been the appropriate balance in the deferred tax liability at the end of 2022? (Enter your answer in millions (l.e, 5,000,000 should be entered as 5).) Balance in the deferred tax liability 800,000 million