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

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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: Tax Basis Future Taxable or (Deductible) Amount $ 15,000,000 Carrying Amount $60,000,000 1,000,000 10,000,000 Buildings and equipment Prepaid insurance Liability-loss contingency $45,000,000 0 1,000,000 (10,000,000) 0 (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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1

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