On January $1,2021,$ Ameen Company purchased major pieces of manufacturing equipment for a total of $$36$ million. Ameen uses straight$-$line depreciation for financial statement reporting and MACRS for income tax reporting. At December $31,2023,$ the book value of the equipment was $$30$ million and its tax basis was $$20$ million. At December $31,2024,$ the book value of the equipment was $$28$ million and its tax basis was $$12$ million. There were no other temporary differences and no permanent differences. Pretax accounting income for $2024$ was $$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?

Complete this question by entering your answers in the tabs below.

Required $1$

Rrquired $2$