On January 1,2021, Ameen Company purchased major pieces of manufacturing equipment for a total of...
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Accounting
On January Ameen Company purchased major pieces of manufacturing equipment for a total of $ million. Ameen uses straightline depreciation for financial statement reporting and MACRS for income tax reporting. At December the book value of the equipment was $ million and its tax basis was $ million. At December the book value of the equipment was $ million and its tax basis was $ million. There were no other temporary differences and no permanent differences. Pretax accounting income for was $ million.
Required:
Prepare the appropriate journal entry to record Ameens income taxes. Assume an income tax rate of
What is Ameens net income?
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