In 2016, Ryan Management collected rent revenue for 2017 tenant occupancy. For financial reporting, the rent is recorded as deferred revenue and then recognized as income in the period tenants occupy rental property. But for income tax reporting it is taxed when collected. The deferred portion of the rent collected in 2016 was $40 million. Taxable income is $140 million. No temporary differences existed at the beginning of the year, and the tax rate is 30%. Suppose the deferred portion of the rent collected was $30 million at the end of 2017. Taxable income is $160 million. Prepare the appropriate journal entry to record income taxes.