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

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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 deducted 100% of the equipments cost for income tax reporting in 2021. 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 Ameens 2024 income taxes. Assume an income tax rate of 25%. What is Ameens 2024 net income

Posted Date: May 18, 2024 05:08 AM

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

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