You are the new accounting manager at the Barry Transport Company. Your CFO has asked you to provide input on the company's income tax position based on the following:

1.	Pretax accounting income was $60 million and taxable income was $18 million for the year ended December 31, 2016.
2.	The difference was due to three items:

	a.	Tax depreciation exceeds book depreciation by $40 million in 2016 for the business complex acquired that year. This amount is scheduled to be $70 million in 2017 and to reverse as ($70 million) and ($40 million) in 2018, and 2019, respectively.
	b.	Insurance of $8 million was paid in 2016 for 2017 coverage.
	c.	A $6 million loss contingency was accrued in 2016, to be paid in 2018.

3.		No temporary differences existed at the beginning of 2016.
4.		The tax rate is 40%.

Required:

1.	Determine the amounts necessary to record income taxes for 2016 and prepare the appropriate journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).)