Exercise 16-2 Determine taxable income; determine prior year deferred tax amount (L016-1) On January 1, 2013, Ameen Company purchased a building for $72 million. Ameen uses straight-line depreciation for financial statement reporting and MACRS for income tax reporting. At December 31, 2017, the book value of the building was $66 million and its tax basis was $56 million. At December 31, 2018, the book value of the building was $64 million and its tax basis was $49 million. There were no other temporary differences and no permanent differences. Pretax accounting income for 2018 was $50 million. Required: 1. Prepare the appropriate journal entry to record Ameen's 2018 income taxes. Assume an income tax rate of 40%. 2. What is Ameen's 2018 net income? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the appropriate journal entry to record Ameen's 2018 income taxes. Assume an income tax rate of 40%. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Required 1 Required 2 Prepare the appropriate journal entry to record Ameen's 2018 income taxes. Assume an income tax rate of 40%. (If no entry for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,0 should be entered as 10).) View transaction list Journal entry worksheet Record 2018 income taxes. Note: Enter debits before credits. Event General Journal Debit Credit Check my work Required: 1. Prepare the appropriate journal entry to record Ameen's 2018 income taxes. Assume an income tax rate of 40%. 2. What is Ameen's 2018 net income? Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is Ameen's 2018 net income? (Enter your answer in millions (i.e., 10,000,000 should be entered as 10).) Net income million