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Check my work On January 1, 2018, Ameen Company purchased major pieces of manufacturing equipment...

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Accounting

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Check my work On January 1, 2018, Ameen Company purchased major pieces of manufacturing equipment for a total of $36 million. Ameentuses 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 $30 million. At December 31, 2021, the book value of the equipment was $28 million. There were no other temporary differences and no permanent differences. Pretax accounting income for 2021 was $90 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? Complete this question by entering your answers in the tabs below

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