Isaac inc. began operations in january 2018. for certain of its 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 2018, isaac had $663 million in sales of this type. scheduled collections for these sales are as follows: 2018 $ 74 million 2019 126 million 2020 137 million 2021 171 million 2022 155 million $ 663 million assume that isaac has a 26% income tax rate and that there were no other differences in income for financial statement and tax purposes. suppose that, in 2019, legislation revised the income tax rates so that isaac would be taxed in 2020 and beyond at 36%, rather than 26%. assume that there were no other differences in income for financial statement and tax purposes. ignoring operating expenses and additional sales in 2019, what deferred tax liability would isaac report in its year-end 2019 balance sheet? (round your answer to the nearest whole million.)

Mr. smith recently faced a choice between being (a) an economics profes-sor, which pays $60,000/yr, or (b) a safari leader, which pays $50,000/yr. after careful deliberation, smith took the safari job, but it was a close call. "for a dollar more," he said, "i'd have gone the other way."now smith's brother-in-law approaches him with a business proposition. the terms are as follows: - smith must resign his safari job to work full-time in his brother-in-law's business.- smith must give his brother-in-law an interest-free loan of $100,000, which will be repaid in full if and when smith leaves the business. (smith currently has much more than $100,000 in the the business will pay smith a salary of $70,000/yr. he will receive no other payment from the business.the interest rate is 10 percent per year. apart from salary considerations, smith feels that working in the business would be just as enjoyable as being an economics professor. for simplicity, assume there is no uncertainty regarding either smith's salary in the proposed business or the security of his monetary investment in it. should smith join his brother-in-law and, if so, how small would smith's salary from the business have to be to make it not worthwhile for him to join? if not, how large would smith's salary from the business have to be to make it worthwhile for him to join?

mark, a civil engineer, entered into a contract with david. as per the contract, mark agreed to design and build a house for david for a specified fee. mark provided david with an estimation of the total cost and the contract was mutually agreed upon. however, during construction, when mark increased the price due to a miscalculation on his part, david refused to pay the amount. this scenario is an example of a mistake.

On january 2, 2018, bering co. disposes of a machine costing $34,100 with accumulated depreciation of $18,369. prepare the entries to record the disposal under each of the following separate assumptions. exercise 8-24a part 2 2. the machine is traded in for a newer machine having a $50,600 cash price. a $16,238 trade-in allowance is received, and the balance is paid in cash. assume the asset exchange has commercial substance.