On January $1,2021,$ Ameen Company purchased major pieces of manufacturing equipment for a total of $$38$ 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 $$32$ million and its tax basis was $$22$ million. At December $31,2024,$ the book value of the equipment was $$30$

million and its tax basis was $$15$ million. There were no other temporary differences and no permanent differences. Pretax accounting

income for $2024$ was $$35$ 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.

Required $1$

Required $2$

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 $10\mathrm{.}00).$