On January $1,2021,$ Ameen Company purchased major pieces of manufacturing equipment for a total of $$38$ million. Ameen uses straight$-$line depreciation for financial statement reporting and MACRS for income tax reporting. At December $31,2023,$ the book value of the equipment was $$32$ million and its tax basis was $$22$ million. At December $31,2024,$ the book value of the equipment was $$30$ million and its tax basis was $$15$ million. There were no other temporary differences and no permanent differences. Pretax accounting income for $2024$ was $$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 $25\%.$

Note: 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 $2$ decimal place $($i$.$e$.,10,000,000$ should be entered as $10\mathrm{.}00).$

$\backslash$table$[[$No$,$Event,General Journal,Debit,Credit$],[1,1,$Income tax expense,$8\mathrm{.}75,],[,,$Deferred tax liability,,$],[,,$Income tax payable,,$]]$