The information below pertains to Mondavi Corporation:

(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	$ 60,000,000	$ 45,000,000	$ 15,000,000
Prepaid insurance	1,000,000	0	1,000,000
Liability-loss contingency	10,000,000	0	(10,000,000)

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

(c) Pretax accounting income was $300,000,000 and taxable income was $120,000,000 for the year and the tax rate is 25%. Permanent differences are the cause of any difference between pretax accounting income and taxable income that are not due to temporary differences.

Required:

Prepare the journal entry to record the tax provision for the current year.