On January $1,2021,$ Ameen Company purchased major pieces of manufacturing equipment for a total of $$36$ million. Ameen usesOn January $1,2021,$ Ameen Company purchased major pieces of manufacturing equipment for a total of $$36$ million. Ameen uses

straight$-$line depreciation for financial statement reporting and deducted $100\%$ of the equipment's cost for income tax reporting in

At December $31,2023,$ the book value of the equipment was $$30$ million. At December $31,2024,$ the book value of the

equipment was $$28$ million. There were no other temporary differences and no permanent differences. Pretax accounting income for

$2024$ was $$50$ 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 not complete.

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 $1$ decimal place $($i$.$e$.,5,500,000$ should be entered as $5\mathrm{.}5).$

straight$-$line depreciation for financial statement reporting and deducted $100\%$ of the equipment's cost for income tax reporting in

At December $31,2023,$ the book value of the equipment was $$30$ million. At December $31,2024,$ the book value of the

equipment was $$28$ million. There were no other temporary differences and no permanent differences. Pretax accounting income for

$2024$ was $$50$ 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 not complete.

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 $1$ decimal place $($i$.$e$.,5,500,000$ should be entered as $5\mathrm{.}5).$