Exerclse $16-2($Algo$)$ Determine taxable Income; determine prior year deferred tax amount; financlal statement effects $[$LO$16-2]$

On January $1,2021,$ Ameen Company purchased major pieces of manufacturing equipment for a total of $$70$ million. Ameen uses straight$-$line depreciation for financial statement reporting and MACRS for income tax reporting. At December $31,2023,$ the book of the equipment was $$64$ million and its tax basis was $$54$ million. At December $31,2024,$ the book value of the equipment was million and its tax basis was $$47$ million. There were no other temporary differences and no permanent differences. Pretax accour income for $2024$ was $$35$ 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?

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Prepare the appropriate journal entry to record Ameen's $2024$ income taxes. Assume an income tax rate of $25\%.$

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