On January 1, 2018, Ameen Company purchased major pleces of manufacturing equipment for a total of $162 million, Ameen uses straight line depreciation for financial statement reporting and deducted 100% of the equipment's cost for income tax reporting in 2018. At December 31, 2020, the book value of the equipment was $135 million. At December 31, 2021, the book value of the equipment was $126 million. There were no other temporary differences and no permanent differences, Pretax accounting income for 2021 was $216 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? 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 20%. (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 1 decimal place (I.e., 10,100,000 should be entered as 10.1)) View transaction list Journal entry worksheet PORCJCcrims.mneducation.com%252 Assignment Saved Required 1 Required 2 Prepare the appropriate journal entry to record Ameen's 2021 income taxes. Assume an income tax rate of 20%. (If no ent for a transaction/event, select "No journal entry required in the first account field. Enter your answers in millions rounded place (.e., 10,100,000 should be entered as 10.1).) View transaction list Journal entry worksheet 1 > Record 2021 Income taxes. Note: Enter debits before credits Event General Journal Debit Credit 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? 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 1 decimal place (.e., 10,100,000 should be entered as 10.1).) Not income million
