Exercise $16-3($Algo$)$ Determine taxable income; determine prior year deferred tax amount; $100\%$ depreciation in year of purchase; financial statement effects $[$LO$16-2]$

On January $1,2021,$ Ameen Company purchased major pieces of manufacturing equipment for a total of $$144$ million. Ameen uses straight$-$line depreciation for financial statement reporting and deducted $100\%$ of the equipment's cost for income tax reporting in $2021.$ At December $31,2023,$ the book value of the equipment was $$120$ million. At December $31,2024,$ the book value of the equipment was $$112$ million. There were no other temporary differences and no permanent differences. Pretax accounting income for $2024$ was $$192$ 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?

Complete this question by entering your answers in the tabs below.

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

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Enter your answer millions rounded to $1$ decimal place $($i$.$e$.,10,100,000$ should be entered as $10\mathrm{.}1).$