2. Mega co. has revalued its property and has recognized the increase in the revaluation in its financial statements. The carrying value of the property was 8 million and the revalued amount was 10 million. Tax base of the property was 6 million. The tax rate applicable to profits is 30% and the tax rate applicable to profits made on the sale of property is 15%. If the revaluation took place at the entity’s year end of June 30, 2014 Required calculate the deferred tax liability on the property as of that date.