Morgan Company is a domestic company engaged in manufacturing office supplies it sells to stores throughout the U.S., Europe and Asia. Morgan also owns the following subsidiary:

Henri is a French corporation which also manufactures office furniture for sale in France and other countries in western Europe. Henri does all of its transactions in Euros.In 2020, Henri has taxable income of 12,000,000 Euros and pays French income taxes of 3,000,000 Euros. On December 31, the Euro can be exchanged for $1, but the average exchange rate for 2020 was one Euro to $1.20. Assume that Henri's income is GILTI and whatever income is not GILTI, will be distributed as a dividend to Morgan. Morgan will also be able to credit the French taxes associated with the GILTI income inclusion. Please translate the income and credits into U.S. dollars.