Deferred Tax

Hi Mike, I have a question regarding deferred tax, I think for the most part I am ok , there is just a little bit that’s confusing me regarding a revaluation element.

The question is as follows:

The balance on the corporation tax account in the trial balance is the under/over payment for the year ended 31 Dec 2013.
The Directors have estimated the corporation tax provision for the current year at $15million.
At 31 December 2014 you are advised there are estimated to be $300million of taxable temporary differences, of which $110million are attributable to the revaluation of leased property in note (B). The applicable rate of corporation tax is 20%.

The trial balance shows:
CR $5.7million corporation tax
CR $46million Deferred tax at 1 Jan 2014~

and the revaluation in note B saw property get revalued from $400million to 350million in which I debited the P&L $50million and credited the asset $50million.

My workings were as follows:
The deferred tax should be $60million at 31 Dec 14 (300million * 20%) , we already have $46million so require a further $14million credit to the account, the double entry being debit deferred tax in the P&L $14million ?

Corporation tax : credit corp tax in current liabilities $15million and debit corporation tax in the P&L $15million. We also have $5.7million already as a credit in corp tax account so we need to debit this $5.7million to make it 0 and then credit this to the P&L $5.7million

Could you check my logic thus far and also advise what I should do with the $110million taxable differences regarding the revaluation. Many thanks