25 At the start of the current year Elkhart Construction Co. had a deferred tax asset of $12,250,000, attributable to its only temporary difference of $49,000,000 for estimated expenses. At the end of the current year, the temporary difference is $44,000,000. At the beginning of the year there was no valuation account for the deferred tax asset. At year-end, Elkhart now estimates that it is more likely than not that one-third of the deferred tax asset will never be realized. Taxable income is $11,900,000 for the current year and the tax rate is 25% for all years. Required: Prepare journal entries to record Elkhart's income tax expense for the current year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to nearest whole dollar amount.) points 80657:10 View transaction list > 1 Record the income taxes. Record valuation allowance for the year en Credit Note : journal entry has been entered