On January 1, 2018, Ameen Company purchased major pieces of manufacturing equipment for a total of $180 million. Ameen uses straight-line depreciation for financial statement reporting and deducted 100% of the equipments cost for income tax reporting in 2018. At December 31, 2020, the book value of the equipment was $150 million. At December 31, 2021, the book value of the equipment was $140 million. There were no other temporary differences and no permanent differences. Pretax accounting income for 2021 was $230 million.

Required:

1. Prepare the appropriate journal entry to record Ameen's 2021 income taxes. Assume an income tax rate of 20%.

2. What is Ameen's 2021 net income?