The Information Below Pertains to Mondavi Corporation:
(A

The information below pertains to Mondavi Corporation:
(a.) For the current year temporary differences existed between the financial statement carrying amounts and the tax basis of the following:
(b.) No temporary differences existed at the beginning of the year.
(c.) Pretax accounting income was $300,000,000 and taxable income was $120,000,000 for the year and the tax rate is 40%.
Required:
Prepare one journal entry to record the tax provision for the current year. Provide supporting computations.
$\begin{array}{crrr}&\text { Carrying } && \text { Future taxable or } \\&\text { Amount } & \text { Tax Basis } & \text { (deductible) amount }\\\text { Buildings and }\\\text { equipment } & \$ 60,000,000 & \$ 45,000,000 & \$ 15,000,000 \\\text { Prepaid insurance } & 1,000,000 & 0 & 1,000,000\\\text { contingency }& 10,000,000 & 0 &(10,000,000)\end{array}$