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: taming Amount Tax Bat Future unable or ttletkietiblo amount Builthenn .u61 equipment 860.008.000 $45.000000 115 'worm, PrepEJ unwanet 1.000.000 0 1 tumult, LagnIstyiloss cortmgmcv 10580.00e 0 110.000.0001 (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 40%.
Required: Prepare one journal entry to record the tax provision for the current year. Provide supporting computations.