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 $12 million, which will be collected over the next three years. Scheduled collections for 2017-2019 are as follows: 2017 2018 2019 $ 4 million 5 million 3 million $12 million Pretax accounting income for 2016 was $16 million. The enacted tax rate is 40%. Required: 1. Assuming no differences between accounting income and taxable income other than those described above, prepare the journal entry to record income taxes in 2016. (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).)