On January 1, 2018. Ameen Company purchased major pieces of manufacturing equipment for a total of $50 million Ameen uses straight line depreciation for financial statement reporting and MACRS for income tax reporting. At December 31, 2020, the book value of the equipment was $44 million and its tax basis was $34 million. At December 31, 2021, the book value of the equipment was $42 million and its tax basis was $27 million. There were no other temporary differences and no permanent differences Pretax accounting income for 2021 was $50 million Required: 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? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the appropriate journal entry to record Ameen's 2021 Income taxes. Assume an income tax rate of 25%. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Enter your answers in millions rounded to 2 decimal place (.e., 10,000,000 should be entered as 10.00).) View transaction that Journal entry worksheet 1 > Record 2021 Income taxes. Note: Enter debit before credit Event General Journal Debit Credit 1 On January 1, 2018, Ameen Company purchased major pieces of manufacturing equipment for a total of $50 million. Ameen uses straight-line depreciation for financial statement reporting and MACRS for income tax reporting. At December 31, 2020, the book value of the equipment was $44 million and its tax basis was $34 million. At December 31, 2021, the book value of the equipment was $42 million and its tax basis was $27 million. There were no other temporary differences and no permanent differences. Pretax accounting income for 2021 was $50 million Required: 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? Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is Ameen's 2021 net income? (Enter your answers in millions rounded to 2 decimal place (1.0, 10,000,000 should be entered as 10.00).) million Net Income