Before considering any tax credits, Zigma has taxable income of $110 million for the year and its tax rate is 40%. Zigma is considering a tax credit of $6 million that it has determined is more likely than not sustainable based on its technical merits but that only $4 million is cumulatively greater than 50 percent likely to be realized. Zigma treats the tax credit as a direct reduction in current income taxes payable. Prepare the journal entry to record Zigmas taxes for the year.