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On January 1, 2013. Ameen Company purchased a building for $70 million. Ameen uses straight-line depreciation for financial statement reporting and MACRS for income tax

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On January 1, 2013. Ameen Company purchased a building for $70 million. Ameen uses straight-line depreciation for financial statement reporting and MACRS for income tax reporting. At December 31. 2017 the book value of the building was $64 million and its tax basis was $54 million. At December 31, 2018, the book value of the building was $62 million and its tax basis was $47 million There were no other temporary differences and no permanent differences. Pretax accounting income for 2018 was $35 million. 714 points Required: 1. Prepare the appropriate journal entry to record Ameens 2018 income taxes. Assume an income tax rate of 40% 2 What is Ameen's 2018 net income? eBook Complete this question by entering your answers in the tabs bele Prin Required 1 Required 2 Roderences Prepare the appropriate journal entry to record Ameen's 2018 incorne taxes. Assume an income tax rate of 40%. (If no entry is required for a transaction/event, select No journal entry required in the first account field. Enter your answers in millions (L.e., 10,000,000 should be entered as 10).) Vew transacton list Journal entry worksheet Record 2018 income taxes. Note: Enter debits before credits Debit View general journal Clear entry Record entry

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