At the end of the prior year, Doubtful Inc. had a deferred tax asset of $16,500,000 attributable to its only timing difference, a temporary difference of $43,000,000 in a liability for estimated expenses. At that time, a valuation allowance of $3,370,000 was established. At the end of the current year, the temporary difference is $38,000,000, and Doubtful determines that the balance in the valuation account should now be $5,000,000. Taxable income is $14,300,000 and the tax rate is 35% for all years. Required: Prepare journal entries to record Doubtful'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.) 2. Record the income taxes 3. Redprd valuation allowance for the year end