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On January 1, 2018, Ameen Company purchased major pieces of manufacturing equipment for a total...

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Accounting

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On January 1, 2018, Ameen Company purchased major pieces of manufacturing equipment for a total of $54 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 $45 million. At December 31, 2021, the book value of the equipment was $42 million. There were no other temporary differences and no permanent differences, Pretax accounting income for 2021 was $72 million Required: 1. Prepare the appropriate journal entry to record Ameen's 2021 income taxes. Assume an income tax rate of 20%. 2. What is Ameen's 2021 net income? Complete this question by entering your answers in the tabs below. Required 1 Required 2 ces Prepare the appropriate journal entry to record Ameen's 2021 income taxes. Assume an income tax rate of 20%. (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).)

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