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On January 1 , 2 0 2 1 , Ameen Company purchased major pieces of manufacturing equipment for a total of $ 6 8 million.
On January Ameen Company purchased major pieces of manufacturing equipment for a total of $ million. Ameen uses straightline depreciation for financial statement reporting and MACRS for income tax reporting. At December the book value of the equipment was $ million and its tax basis was $ million. At December the book value of the equipment was $ million and its tax basis was $ million. There were no other temporary differences and no permanent differences. Pretax accounting income for was $ million.
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Prepare the appropriate journal entry to record Ameens income taxes. Assume an income tax rate of
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