At the end of the preceeding year, Luco Corp had a deferred tax asset of $24,000,000 attributable to it's only temporary difference of $60,000,000 for estimated expenses. At the end of the current year, the temporary difference is $35,000,000. At the beginning of the year there was no valuation allowance for the deferred tax asset. At the end of the year, Luco now believes that is more likely than not that 50% of the deferred tax asset will not be realized. Taxable income is 12,000,000 and the tax rate is 40% for all years.

Please prepare the journal entry for the income tax provision and supporting computations for all accounts involved.