On January $1,2021,$ ?Ameen Company purchased major pieces of manufacturing equipment for a total of $$76$ ?million. Ameen uses straight$-$line depreciation for financial statement reporting and MACRS for income tax reporting. At December $31,2023,$ ?the book value of the equipment was $$70$ ?million and its tax basis was $$60$ ?million. At December $31,2024,$ ?the book value of the equipment was $$68$ ?million and its tax basis was $$53$ ?million. There were no other temporary differences and no permanent differences. Pretax accounting income for $2024$ ?was $$55$ ?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?

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 $2024$ ?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$],[1,1,$Inmmotov ovnonco,,$]]$

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