On January $1,2021,$ Ameen Company purchased major pieces of manufacturing equipment for a total of $$72$ million. Ameen uses straight$-$line depreciation for financial statement reporting and deducted $100\%$ of the equipment's cost for income tax reporting in $2021.$ At December $31,2023,$ the book value of the equipment was $$60$ million. At December $31,2024,$ the book value of the equipment was $$56$ million. There were no other temporary differences and no permanent differences. Pretax accounting income for $2024$ was $$156$ 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?

Complete this question by entering your answers in the tabs below.

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 $1$ decimal place $($i$.$e$.,10,100,000$ should be entered as $10\mathrm{.}1).$

Journal entry worksheet

$1$

Record $2024$ income taxes.

Note: Enter debits before credits.

$\backslash$table$[[$Event$,$General Journal,Debit,Credit$],[1,(1),,]]$