Check my work modeaths shows what is correct or incorrect for the work you have completed so far. It does not indicate completion Return to questi On January 1, 2018, Ameen Company purchased major pieces of manufacturing equipment for a total of $36 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 $30 million. At December 31, 2021, the book value of the equipment was $28 million. There were no other temporary differences and no permanent differences. Pretax accounting income for 2021 was $50 million 083 Required: 1. Prepare the appropriate journal entry to record Ameen's 2021 income taxes, Assume an income tax rate of 25% 2. What is Ameen's 2021 net income? Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the appropriate journal entry to record Ameen's 2021 income taxes. Assume an income tax rate of 25%. (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 I decimal place (i... 5,500,000 should be entered as 5.5).) No Event General Journal Credit Debit 12 500 000.00 Income tax expense Return to ques Required: 1. Prepare the appropriate journal entry to record Ameen's 2021 income taxes. Assume an income tax rate of 25% 2. What is Ameen's 2021 net income? 0.83 points Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the appropriate journal entry to record Ameen's 2021 income taxes. Assume an income tax rate of 25%. (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., 5,500,000 should be entered as 5.5).) No Event General Journal Debit Cred 1 1 Income tax expense 12,500,000.0% Deferred tax liability 500.000,00 Income tax payable 13,000,000,0 Required Required 2 > u 2 12 !! Next > JO U W What is correct or incorrect for the work you have completed so far. It does not indicate completion Return to question Required: 1. Prepare the appropriate journal entry to record Ameen's 2021 income taxes. Assume an income tax rate of 25% 2. What is Ameen's 2021 net income? 0.83 points Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is Ameen's 2021 net income? (Enter your answer in millions (ie, 10,000,000 should be entered as 10). milion Net Income
