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On January 1 2018 Ameen Company purchased major pleces of manufacturing equipment for a total of $162 million Ameen usos straight-line depreciation for financial statement

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On January 1 2018 Ameen Company purchased major pleces of manufacturing equipment for a total of $162 million Ameen usos 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 5126 million There were no other temporary differences and no permanent differences Pretax accounting income for 2021 was $196 million Required: 1. Prepare the appropriate journal entry to record Ameen's 2021 income taxas. Asume an income tax rate of 20% 2. What is Ameen's 2021 not income? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the appropriate journal entry to record Ameens 2021 Income taxe. Assume an income tax rate of 20%. (I no entry is required for a transaction event, sect"No journal entry required in the first count inter your answers in millions rounded to 1 decimal place 10.100,000 should be entered as 10.1)) View transaction list View journal entry worksheet Na Event General Journal Credit Debit 302 1 Income tax expo forted by income tax payable On January 1, 2018 Ameen Company purchased major pieces 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 $196 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 Retired Required Whats Ameen's 20 cl (inter your answers in millions rounded to decimal place (1,10,100,000 should be oted as 10.1) milion

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