On January 1, 2018, Ameen Company purchased major pleces of manufacturing equipment for a total of $42 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 $36 million and its tax basis was $26 million. At December 31, 2021, the book value of the equipment was $34 million and its tax basis was $19 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? Return to questi Answer is not complete. 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 (I.e., 10,000,000 should be entered as 10.00).) No Event General Journal Credit Income tax expense Deferred tax liability Income tax payable Debit 12.50 0.50 X XIC 13.00 X Required 2 >