(Solved): On January 1.2021. Ameen Company purchased major pieces of manufacturing equipment for a total of $ ...

On January 1.2021. Ameen Company purchased major pieces of manufacturing equipment for a total of $\$60$ miltion. Ameen uses straight-line depreciation for financial statement reporting and MACRS for income tax reporting. At December 31, 2023, the book value of the equipment was $\$54$ million and its tax basis was $\$44$ million. At December 31, 2024, the book value of the equipment was $\$52$ million and its tax basis was $\$37$ mulion. There were no other temporary differences and no permanent differences. Pretax accounting income for 2024 was $\$45$ million Required: 1. Prepare the approprate joumal entry to record Ameen's 2024 income taxes. Assume an income lax rate of $25\%$ 2. What is Ameen's 2024 net income? Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare the appropriate fournal entry to record Ameen'y 2024 income taxes. Astume an income tax rate of $25\%$. Note: If no entry is required for a transactionvavent, solect "No joumal entiy requireo" in the first account field. Enter your.