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7 On January 2018 Ameen Company purchased major pieces of manufacturing equipment for a total of $40 milion. Ameen uses straight line depreciation for financial

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7 On January 2018 Ameen Company purchased major pieces of manufacturing equipment for a total of $40 milion. Ameen uses straight line depreciation for financial statement reporting and MACRS for income tax reporting At December 31, 2020, the book value of the equipment was 534 million and its tax basis was $24 million At December 31, 2021, the book value of the equipment was 532 mon and its tax basis was 517 million. There were no other temporary differences and no permanent differences Pretax accounting Income for 2021 was $30 million Required Prepare the propriate journal entry to record Ameen's 2021 income taxes. Assume an income tax rate of 25% 2. What is Ameen's 2021 net income? Complete this question by entering your inswers in the tabs below 010 ered whi2021 income? (Enter your answers in de 2 decimal place (10,000,000 should be

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