Please explain proper steps by Step and Do Not Give Solution In Image Format ? And Fast Answering Please ? Complete this question by entering your answers in the tabs below.Required 1 Required 2Prepare the appropriate journal entry to record Ameen's 2024 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 inmillions rounded to 2 decimal place (i.e., 10,000,000 should be entered as 10.00).View transaction listJournal entry worksheet<1Record 2024 income taxes.Note: Enter debits before credits.Event1General JournalShow Transcribed TextRequired 1 Required 2▼3millionDebit1. 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?< Required 1ĈComplete this question by entering your answers in the tabs below.CreditWhat 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).Net income On January 1, 2021, Ameen Company purchased major pieces of manufacturing equipment for a total of $48 million. Ameen usesstraight-line depreciation for financial statement reporting and MACRS for income tax reporting At December 31, 2023, the book valueof the equipment was $42 million and its tax basis was $32 million. At December 31, 2024, the book value of the equipment was $40million and its tax basis was $25 million. There were no other temporary differences and no permanent differences. Pretax accountingincome for 2024 was $30 millionRequired: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.Required 1Required 2Prepare the appropriate journal entry to record Ameen's 2024 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 inmillions rounded to 2 decimal place (i.e., 10,000,000 should be entered as 10.00).

Tax rate = 25% Net income= Pretax accounting income - Income tax expense At December 31, 2023…

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?

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?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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