At the end of 2015, Payne Industries had a deferred tax asset account with a balance of $32 million attributable to a temporary booktax difference of $80 million in a liability for estimated expenses. At the end of 2016, the temporary difference is $70 million. Payne has no other temporary differences and no valuation allowance for the deferred tax asset. Taxable income for 2016 is $240 million and the tax rate is 40%.

Prepare the journal entry(s) to record Paynes income taxes for 2016, assuming it is more likely than not that one-fourth of the deferred tax asset will ultimately be realized. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)