On January $1,2021,$ Ameen Company purchased major pieces of manufacturing equipment for a total of $$68$ 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 $$62$ million and its tax basis was $$52$ million. At December $31,2024,$ the

book value of the equipment was $$60$ million and its tax basis was $$45$ million. There were no other temporary

differences and no permanent differences. Pretax accounting income for $2024$ was $$45$ 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?

Answer is complete but not entirely correct.

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

answers in millions rounded to $2$ decimal place $($i$.$e$.,10,000,000$ should be entered as $10\mathrm{.}00).$