At the end of the prior year, trusting Inc. had a deferred tax asset of 700,000. At that time, a valuation allowance of 100000 was established. At the end of the current year, trusting identifies future deductible amounts of 2,900,000 and trusting determines that it is more likely that one-fifth of the deffered tax asset ultimately would not be realized. trusting's income tax payable is 3,000,000 for the current year, and the tax rate is 30% for all year. a. what is the balanced of the deferred tax asset at the end of the current year? b. what is the balance of the valuation allowance at the end of the current year? c.prepare journal entries to record Trusting's income tax expense for the current year?