The information below pertains to Basselier, Inc.: 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
Property, Plant & Equipment	$3,250,000	$2,250,000	$1,000,000
Prepaid Insurance	$ 150,000	-	$ 150,000
Liability- Loss Contingency	$ 600,000	-	$ 600,000

No temporary differences existed at the beginning of the year. Pretax accounting income was $15,000,000 and taxable income was $6,000,000 for the year and the tax rate is 40%. Instructions: Prepare one journal entry to record the tax provision for the current year. Provide supporting computations.