The following information is for James Industries' first year of operations. Amounts are in millions of dollars. In 2016 the company's pretax accounting income was $67. The enacted tax rate for 2015 and 2016 is 40%, and it is 35% for years after 2016.

	2015	2016	2017	2018	2019	Future Amounts
Accounting Income	60
Temp difference:
Advance rent payment	(12)	3	3	3	3	$12
Taxable Incoime	$48

Required: Prepare a journal entry to record the income tax expense for the year 2016. Show well-labeled computations for income tax payable and the change in the deferred tax account.