Several years ago, Western Electric Corp. purchased equipment for $24,000,000. Western uses straight-line depreciation for financial reporting and MACRS for tax purposes. At December 31, 2017, the carrying value of the equipment was $21,600,000 and its tax basis was $18,000,000. At December 31, 2018, the carrying value of the equipment was $19,200,000 and the tax basis was $13,200,000. There were no other temporary differences and no permanent differences. Pretax accounting income for the current year was $29,000,000. A tax rate of 35% applies to all years. Required: Prepare one journal entry to record Western's income tax expense for the current year. The current year is 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 1. Record the income taxes