At the end of the year, the deferred tax asset account had a balance of $17.6 million attributable to a cumulative temporary difference of $44 million in a liability for estimated expenses. Taxable income is $56.0 million. No temporary differences existed at the beginning of the year, and the tax rate is 40%.

Prepare the journal entry(s) to record income taxes assuming it is more likely than not that one-fourth of the deferred tax asset will not 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 rounded to 1 decimal place(i.e., 5.500,000 should be entered as 5.5))