On January $1,2018,$ Ameen Company purchased major pieces of manufacturing equipment for a total of $$54$ million. Ameen uses straight$-$line depreciation for financial statement reporting and deducted $100\%$ of the equipment's cost for income tax reporting in $2018.$ At December $31,2020,$ the book value of the equipment was $$45$ million. At December $31,2021,$ the book value of the equipment was $$42$ million. There were no other temporary differences and no permanent differences. Pretax accounting income for $2021$ was $$112$ million.

Required:

Prepare the appropriate journal entry to record Ameen's $2021$ income taxes. Assume an income tax rate of $20\%.$

What is Ameen's $2021$ net income?

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Required $1$

Prepare the appropriate journal entry to record Ameen's $2021$ income taxes. Assume an income tax rate of $20\%.($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Enter your answers in millions rounded to $1$ decimal place $($i$.$e$.,10,100,000$ should be entered as $10\mathrm{.}1).)$

$\backslash$table$[[$No$,$Event,General Journal,Debit,Credit$],[1,1,$Income tax expense,,$],[,,$Deferred tax liability,$0\mathrm{.}6,],[,,$Income tax payable,,$]]$