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On January 1 , 2 0 2 1 , Ameen Company purchased major pieces of manufacturing equipment for a total of $ 6 2 million.

On January 1,2021, Ameen Company purchased major pieces of manufacturing equipment for a total of $62 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 $56 million and its tax basis was $46 million. At December 31,2024, the book value of the equipment was $54 million and its tax basis was $39 million. There were no other temporary differences and no permanent differences. Pretax accounting income for 2024 was $35 million.
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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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