The information below pertains to Rita Atencio Corporation: $($a$)$ For the current year temporary differences existed between the financial statement carrying amounts and the tax basis of the following:Problem #$2(30\%)$ The information below pertains to Rita Atencio Corporation:

$($a$)$ For the current year temporary differences existed between the financial statement

carrying amounts and the tax basis of the following:

$($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.