solution is from professor. Just need explanation.

Problem 3 Several years ago, Western Electric Corp. purchased equipment for $20,000,000. Western uses straightline depreciation for financial reporting and MACRS for tax purposes. At December 31, 2022 the carrying value of the equipment was $18,000,000 and its tax basis was $15,000,000. At December 31 , 2023 , the carrying value of the equipment was $16,000,000 and the tax basis was $11,000,000. There were no other temporary differences and no permanent differences. Pretax accounting income for the current year was $25,000,000. A tax rate of 30% applies to all years. Required: Prepare one journal entry to record Westerm's income tax expense for the current year. Show welllabeled computations for the income tax payable and the change in the deferred tax account