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Homework Saved Help Save & Chedmy On January 1, 2018, Ameen Company purchased major pieces of manufacturing equipment for a total of $108 on Ameenuses

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Homework Saved Help Save & Chedmy On January 1, 2018, Ameen Company purchased major pieces of manufacturing equipment for a total of $108 on Ameenuses 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 $90 million At December 31, 2021, the book value of the equipment was $84 million. There were no other temporary differences and no permanent differences. Pretax accounting income for 2021 was $130 million 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? 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 255 metry for a transaction/event, select "No journal entry required in the first account field. Enter your awes in orded to deal place (.e., 10,100,000 should be entered as 10.1)) View transaction list View journal entry worksheet Credit General Journal No 1 Event 1 Deba STS 15 Income tax expense Deferred tax by income tax payable 30 MacBook 28 1: ER 8 9 O % 5 7 2 6 3 4 P 0 1 U Y T R W E J H G F S D M N B - V x N # # od command alt an command January 1, 2018, Ameen Company purchased major pieces of manufacturing equipment for a total of $108 milli aight-line depreciation for financial statement reporting and deducted 100% of the equipment's cost for income 18. At December 31, 2020, the book value of the equipment was $90 million. At December 31, 2021, the book va Lipment was $84 million. There were no other temporary differences and no permanent differences. Pretax acco 21 was $130 million quired: Prepare the appropriate journal entry to record Ameen's 2021 income taxes. Assume an income tax rate of 25% What is Ameen's 2021 net income? Complete this question by entering your answers in the tabs below. Required 1 Requird 2 What is Ameen's 2021 net income? (Enter your answers in millions rounded to 1 decimal place (le: 10,100,000 should be entered as 10.1).) Net income million MacBook 8 888 96 286 FB 1 RO 3 Y : A # 3 $ 4 % 5 & 7 1 0 6 8 9 1 D 0 U Y R T E W J L H G S D F

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