Help Save & Exit Submit 10 At the end of the preceding year, World Industries had a deferred tax asset of $14,000,000, attributable to its only temporary difference of $56,000,000 for estimated expenses. At the end of the current year, the temporary difference is $51,000,000. 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 $12,600,000 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 a transaction/event, select "No journal entry required" in the first account field. Round your answers to nearest whole dollar amount.) View transaction list View journal entry worksheet No Transaction General Journa Debit Credit 1 1 Income tax expense Deferred tax asset 12 12 Income tax payable Valuation allowance-Deferred tax asset