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Sandhill Ltd. has one temporary difference at the beginning and end of 2020. The difference is caused by a $ 1,230,000 instalment sale that took place at the end of 2019. The related receivable is due in three equal instalments (i.e. $ 410,000 each year) in 2021, 2022, and 2023. Only one-third of the receivable is classified as a short-term asset at the end of 2020, the remainder is classified as a long- term receivable. The related future tax liability at the beginning of 2020 is $ 553,500, reflecting the company's 45% tax rate. No other temporary or permanent differences exist. In the third quarter of 2020, a new tax rate of 42% is enacted into law, and is scheduled to become effective for 2022 and subsequent years. Sandhill follows ASPE. Calculate the amount to be reported as a future tax liability at the end of 2020. $ Future tax liability - current portion Future tax liability - long-term portion $ Indicate the proper statement of financial position classification for the future income tax amount(s). Due in Classification 2021 2022 2023 Current Long-Term Prepare the journal entry (if any) necessary to adjust the future income tax liability at the end of the 2020 fiscal year. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts