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

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Accounting

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.
What is Ameen's 2024 net income?
Note: Enter your answers in millions rounded to 1 decimal place (i.e.,10,000,000 should be entered as 10.0).
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