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The information below pertains to Mondavi Corporation: (a.) For the current year temporary differences existed...

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Accounting

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 $62,000,000 $46,800,000 $15,200,000
Prepaid insurance 1,200,000 0 1,200,000
Liability-loss contingency 10,200,000 0 (10,200,000)
(b.) No temporary differences existed at the beginning of the year.
(c.)

Pretax accounting income was $320,000,000 and taxable income was $122,000,000 for the year and the tax rate is 40%

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.)

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