Denver uses straight-line depreciation for financial reporting purposes and MACRS for income tax reporting. Three years after its purchase, one of its buildings has a net book value of $400,000 and a tax basis of $300,000. The company sells the building for $750,000 during year 4. There are no other items of income or expense for either book or tax. The tax rate is now and has always been 21%. Assume no depreciation is taken for either book or tax in year 4.

A) Prepare a journal entry to record the tax provision for the year.