Exercise $16-2($Algo$)$ Determine taxable income; determine prior year deferred tax amount; financial statement effects $[$LO$16-2]$

On January $1,2021,$ Ameen Company purchased major pieces of manufacturing equipment for a total of $$66$ million. Ameen uses straight$-$line depreciation for financial statement reporting and MACRS for income tax reporting. At December $31,2023,$ the book value of the equipment was $$60$ million and its tax basis was $$50$ million. At December $31,2024,$ the book value of the equipment was $$58$ million and its tax basis was $$43$ million. There were no other temporary differences and no permanent differences. Pretax accounting income for $2024$ was $$40$ million.

Required:

Prepare the appropriate journal entry to record Ameen's $2024$ income taxes. Assume an income tax rate of $25\%.$

What is Ameen's $2024$ net income?

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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 $10\mathrm{.}00).$