The information below pertains to Mondavi Corporation:

1. (a.) 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
Buildings and equipment	$	68,000,000		$	52,200,000		$	15,800,000
Prepaid insurance		1,800,000			0			1,800,000
Liability-loss contingency		10,800,000			0			(10,800,000	)

1. (b.) No temporary differences existed at the beginning of the year.

2. (c.) Pretax accounting income was $380,000,000 and taxable income was $128,000,000 for the year and the tax rate is 30%.

Required: Prepare one journal entry to record the tax provision for the current year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)