Log in to Canvas Problem 16-3, 16-8 Dixon Development began operations in December 2016. When lots for industrial development are sold, Dixon recognizes income for financial reporting purposes in the year of the sale. For some lots, Dixon recognizes income for tax purposes when collected. Income recognized for financial reporting purposes in 2016 for lots sold this way was $24 million, which will be collected over the next three years. Scheduled collections for 2017-2019 are as follows: 2017 6 million 2018 10 million 2019 8 million $24 million Pretax accounting income for 2016 was $32 million. The enacted tax rate is 40%. Required 1. Assuming no differences between accounting income and taxable income other than those described prepare the journal to record income taxes in is required for a answers in millions "No journal entry required" in the first field. Enter your rounded to 1 decimal place (ie., 5,500,000 should be entered as 5 view general journal Journal Entry Worksheet Record 2016 income taxes. General Journal Debit Credit Dec 31, 2016 Enter deb before credits MacBook pro