On january 1, 2018, Ameen Company purchased major pieces of manufacturing equipment for a total of $72 million. Ameen uses straight line depreciation for financial reporting and deducted 100% of the epuipment's cost for income tax reporting in 2018. At december 31,2020, the book value of the equipment was $60 million. At December 31, 2021, the book value of the equipment was $56 million. There were no other temporary differences and no permanent differences. Pretax accounting income for 2021 was $112 million.

Reuired:

1. Prepare the appropriate journal entry to record Ameen's 2021 income taxes. Assume an income tax rate of 25%

2. What is Ameen's 2021 net income?