Deferred Taxes (15 points): The information below pertains to Mountain Inc. for 2021, its first year of operations:
For the current year temporary differences existed between the financial statement carrying amounts and the tax basis of the following:
	Book Amount	Tax Basis	Difference
Buildings & equipment	$ 60,000,000	$ 45,000,000	15,000,000
Liability-loss contingency	$ (10,000,000)	$ -	(10,000,000)
No temporary differences existed at the beginning of the year.
Pretax accounting income was $300,000,000 and taxable income was $295,000,000 for the year and the tax rate is 25%.
Required: Prepare the journal entry for 2021 taxes. Show any work below the entries as necessary.
Account Name		Debit	Credit