Answer:
Journal entries to record Doubtful's income tax expense for the current year.
No   Account titles and Explanation             Debit'$    Credit'$
1       Income tax expense                             8,945,000
                   Deferred tax asset                                     3,800,000
                   [(42,000,000*35%) - 18,500,000]
                    Income taxes payable                               5,145,000
                    [(14,700,000*35%)]
          (To record tax expenses)
2        Income tax expense                            1,270,000
                  Valuation allowance - deferred tax asset  1,270,000
                    (3,730,000 - 5,000,000
           (To record valuation allowance)