Anker Incorporated purchased a large supply of toothbrushes and tooth sharpeners on January 1, 2020 for $500 million. Anker depreciates the brushes and sharpeners using an accelerated method for tax purposes and straight line for GAAP purposes. Pretax accounting income for 2023 was $550 million. On 12/31/2022 the book value of the equipment was $380 million, and its tax basis was $220 million. On 12/31/2023 the book value of the equipment was $340 million and its tax basis was $100 million There were no other temporary differences and no permanent differences. Assume a tax rate of 25% in all years.

1. Prepare the journal entry/entries to record income taxes for fiscal 2023.
2. What was 2023 Net Income?