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Exercise 16-3 (Algo) Determine taxable income; determine prior year deferred tax amount; 100% depreciation in year of purchase (LO16-2] 1.5 oints On January 1, 2018, Ameen Company purchased major pieces of manufacturing equipment for a total of $66 million. Ameen uses straight-line depreciation for financial statement reporting and deducted 100% of the equipment's cost for income tax reporting in 2018. At December 31, 2020, the book value of the equipment was $60 million. At December 31, 2021, the book value of the equipment was $48 million. There were no other temporary differences and no permanent differences. Pretax accounting income for 2021 was $80 million. eBook Required: 1. Prepare the appropriate journal entry to record Ameen's 2021 income taxes. Assume an income tax rate of 25%. 2. What is Ameen's 2021 net income? Ask Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the appropriate journal entry to record Ameen's 2021 income taxes. Assume an income tax rate of 25%. (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., 10,100,000 should be entered as 10.1).) View transaction list Journal entry worksheet Record 2021 income taxes. Note: Enter debits before credits. Event General Journal Debit Credit - Record entry Clear entry View general journal Required 1 Required 2 What is Ameen's 2021 net income? (Enter your answers in millions rounded to 1 decimal place (i.e., 10,100,000 should be entered as 10.1).) Net income million (Required 1 Required 2 >