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	$	65,000,000		$	49,500,000		$	15,500,000
Prepaid insurance		1,500,000			0			1,500,000
Liability-loss contingency		10,500,000			0			(10,500,000	)

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

2. (c.) Pretax accounting income was $350,000,000 and taxable income was $125,000,000 for the year and the tax rate is 35%.

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.)