-Record income taxes journal entry

-Record the valuation allowance for the year end

At the end of the prior year, Doubtful Incorporated had a deferred tax asset of $20,000,000 attributable to its only timing difference, a temporary difference of $80,000,000 in a liability for estimated expenses. At that time, a valuation allowance of $4,000,000 was established. At the end of the current year, the temporary difference is $45,000,000, and Doubtful determines that the balance in the valuation account should now be $5,000,000. Taxable income is $15,000,000 and the tax rate is 25% for all years. Required: Prepare journal entries to record Doubtful's income tax expense for the current year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field