A LTI Launch X Question 2 - Ch. 16 Taxes Homewc X Question 10 - Ch.15 Leases Home X Q calculator - Search * + X (@ https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWi... . . . Ch.16 Taxes Homework i Saved Help Save & Exit Submit D 2 Exercise 16-2 (Algo) Determine taxable income; determine prior year deferred tax amount; financial statement effects [LO16-2] G W On January 1, 2021, Ameen Company purchased major pieces of manufacturing equipment for a total of $74 million. Ameen uses 10 straight-line depreciation for financial statement reporting and MACRS for income tax reporting. At December 31, 2023, the book value y! points of the equipment was $68 million and its tax basis was $58 million. At December 31, 2024, the book value of the equipment was $66 million and its tax basis was $51 million. There were no other temporary differences and no permanent differences. Pretax accounting income for 2024 was $45 million. eBook Required: Print in 1. Prepare the appropriate journal entry to record Ameen's 2024 income taxes. Assume an income tax rate of 25%. 2. What is Ameen's 2024 net income? Complete this question by entering your answers in the tabs below. Required 1 Required 2 W What is Ameen's 2024 net income? Note: Enter your answers in millions rounded to 2 decimal place (i.e., 10,000,000 should be entered as 10.00). GW Net income S 33.75 million + Mc Graw Hill 4 73OF Q Search hp 10:26 PM Mostly clear ~ ENG ~ () 5 9/11/2025