3 At the end of the preceding year, World Industries had a deferred tax asset of 514750,000, attributable to its only temporary difference of 559,000,000 for estimated expenses. At the end of the current year, the temporary difference is $54,000,000. At the beginning of the year there was no valuation account for the deferred tax asset At year-end, World Industries now estimates that it is more likely than not that one third of the deferred tax asset will never be realized Taxable income is $12.900.000 for the current year and the tax rate is 25% for all years Required: Prepare journal entries to record World Industries Income tax expense for the current year. (if no entry is required for transaction/event, select "No journal entry required in the first account field. Round your answers to nearest whole dollar amount.) Sled View transaction is Journal entry worksheet 2 Record the income taxes Istenter debits before Genealoumal Delt Cid Transaction 1 Record entry Clear entry View general Journal 3 At the end of the preceding year, World Industries had a deferred tax asset of $14.750,000, attributable to its only temporary difference of $59.000.000 for estimated expenses. At the end of the current year, the temporary difference is $54,000,000. At the beginning of the year there was no valuation account for the deferred tax asset At year-end, World Industries now estimates that it is more likely than not that one-third of the deferred tax asset will never be realized Taxable income is $12.900,000 for the current year and the tax rate is 25% for all years Required: Prepare journal entries to record World Industries' income tax expense for the current year (if no entry is required for transaction/event, select "No journal entry required" in the first account field. Round your answers to nearest whole dollar amount.) View transaction list Journal entry worksheet