29.

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:

	Carrying Amount			Tax Basis			Future Taxable or (Deductible) Amount
Buildings and equipment	$	60,000,000		$	45,000,000		$	15,000,000
Prepaid insurance		1,000,000			0			1,000,000
Liability-loss contingency		10,000,000			0			(10,000,000	)

(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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Record the income taxes.