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

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The information below pertains to Mondavi Corporation:
(a) For the current year temporary differences existed betweenthe financial statement carrying amounts and the tax basis of thefollowing:
(b) No temporary differences existed at the beginning of theyear.
(c) Pretax accounting income was $300,000,000 and taxable incomewas $120,000,000 for the year and the tax rate is 25%. Permanentdifferences are the cause of any difference between pretaxaccounting income and taxable income that are not due to temporarydifferences.
Required:
Prepare the journal entry to record the tax provision for thecurrent year.
Record the income taxes.