Pocus Inc. reports warranty expense when related products are sold. For tax purposes, the warranty costs are deductible as incurred. At the end of the current year, Pocus has a warranty liability of $$500,000$ and taxable income of $$50,000,000.$ At the beginning of the current year, Pocus reported a deferred tax asset of $$210,000$ related to the difference in reporting warranty expense, its only temporary difference. The enacted tax rate is $25\%$ each year.

Required:

Prepare the appropriate journal entry for Pocus to record the income tax provision for the current year. Show well$-$labeled computations to support the three amounts in your journal entry, including a schedule as utilized in class displaying the information across the multiple periods.