On January 1, Year 1, a company purchased major pieces of manufacturing equipment for a total of $58 million. The company uses straight-line depreciation for financial statement reporting and MACRS for income tax reporting. At December 31 , Year 3 , the book value of the equipment was $52 million and its tax basis was $42 million. At December 31 , Year 4 , the book value of the equipment was $50 million and its tax basis was $35 million. There were no other temporary differences and no permanent differences. Pretax accounting income for Year 4 was $45 million. Required: 1. Prepare the appropriate journal entry to record the company's Year 4 income taxes. Assume an income tax rate of 25% 2. What is the company's Year 4 net income? Complete this question by entering your answers in the tabs below. Prepare the appropriate joumal entry to record the company's Year 4 income taxes. Assume an income tax rate of 25%. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers millions rounded to 2 decimal place (h.e., 10,000,000 should be entered as 10.00)