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Dixon Development began operations in December 2024. When lots for industrial development are sold, Obxon recognizes income for financlal reportung purposes in the year of the sale. For some lots, Oixon recognizes income for tax purposes when coltected. income recognized for financial reporting purposes in 2024 for lots sold this way was $16 million, which will be collected over the next three years. Scheduled collectuons for 20252027 are as follows: Pretax accounting income for 2024 was $24 million. The enacted tax rate is 35%. 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 2024. 2 Suppose a new tax law, revising the tax rate from 35\% to 30\%, beginning in 2026, is enacted in 2025, when pretax accounting income was $18 million. No 2025 lot sales qualified for the special tax treatment. Prepare the appropriate journal entry to record income taxes in 2025 . 3. If 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 2025 ? Complete this question by entering your answers in the tabs below. Assuming no differences between accounting income and taxable income other than those described above, prepare the journal entry to record income taxes in 2024. Show luss 4 Journal entry worksheet Record 2024 income taxes