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On January 1,2021 , Ameen Company purchased major pieces of manufacturing equipment for a total of $48 million. Ameen uses straight-line depreciation for financial statement

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On January 1,2021 , Ameen Company purchased major pieces of manufacturing equipment for a total of $48 million. Ameen uses straight-line depreciation for financial statement reporting and MACRS for income tax reporting. At December 31,2023 , the book value of the equipment was $42 million and its tax basis was $32 million. At December 31,2024 , the book value of the equipment was $40 million and its tax basis was $25 million. There were no other temporary differences and no permanent differences. Pretax accounting income for 2024 was $30 million. Required: 1. Prepare the appropriate journal entry to record Ameen's 2024 income taxes. Assume an income tax rate of 25%. 2. What is Ameen's 2024 net income? Complete this question by entering your answers in the tabs below. What is Ameen's 2024 net income? Note: Enter your answers in millions rounded to 2 decimal place (i.e., 10,000,000 should be entered as 10.00 )

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