On January $1,2021,$ Ameen Company purchased major pieces of manufacturing equipment for a total of $\backslash (\backslash$$ $76\backslash )$ million. Ameen uses straight$-$line depreciation for financial statement reporting and MACRS for income tax reporting. At December $31,2023,$ the book value of the equipment was $\backslash (\backslash$$ $70\backslash )$ million and its tax basis was $\backslash (\backslash$$ $60\backslash )$ million. At December $31,2024,$ the book value of the equipment was $\backslash (\backslash$$ $68\backslash )$ million and its tax basis was $\backslash (\backslash$$ $53\backslash )$ million. There were no other temporary differences and no permanent differences. Pretax accounting income for $2024$ was $\backslash (\backslash$$ $55\backslash )$ million.

Required:

$1.$ Prepare the appropriate journal entry to record Ameen's $2024$ income taxes. Assume an income tax rate of $\backslash (25\backslash \%\backslash ).$

$2.$ 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.

Required $1$

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

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$.,\backslash (10,000,000\backslash )$ should be entered as $10\mathrm{.}00).$

On January $1,2021,$ Ameen Company purchased major pieces of manufacturing equipment for a total of $\backslash (\backslash$$ $76\backslash )$ million. Ameen uses straight$-$line depreciation for financial statement reporting and MACRS for income tax reporting. At December $31,2023,$ the book value of the equipment was $\backslash (\backslash$$ $70\backslash )$ million and its tax basis was $\backslash (\backslash$$ $60\backslash )$ million. At December $31,2024,$ the book value of the equipment was $\backslash (\backslash$$ $68\backslash )$ million and its tax basis was $\backslash (\backslash$$ $53\backslash )$ million. There were no other temporary differences and no permanent differences. Pretax accounting income for $2024$ was $\backslash (\backslash$$ $55\backslash )$ million.

Required:

$1.$ Prepare the appropriate journal entry to record Ameen's $2024$ income taxes. Assume an income tax rate of $\backslash (25\backslash \%\backslash ).$

$2.$ 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.

Required $1$

Required $2$

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 $10\mathrm{.}00).$