- On January 1 2018 Ameen Company Purchased Major Pleces Of Manufacturing Equipment For A Total Of 70 Million Ameen Use 1 (53.52 KiB) Viewed 208 times
- On January 1 2018 Ameen Company Purchased Major Pleces Of Manufacturing Equipment For A Total Of 70 Million Ameen Use 2 (32.11 KiB) Viewed 208 times
On January 1, 2018, Ameen
Company purchased major pleces of manufacturing equipment for a total of $70 million Ameen uses Straight line depreciation for financial
statement reporting and MACRS for Income tax reporting. At December 31, 2020, the book value of the equipment was $64 million and its tax bosis was $54 million At December 31, 2021, the book value of the equipment was $62 million and its tax basis was $47 million. There were no other temporary differences and no permanent differences. Pretax accounting Income for 2021 was $35 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. Required 1 Required 2 Prepare the appropriate journal entry to record Ameen's 2021 income taxes. Assume an income tax rate of 25%. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 2 decimal place (le, 10,000,000 should be entered as 10.00).) View transaction list Journal entry worksheet < Record 2021 income taxes Note Enter debits before credits Event General Journal Debit Credit 1 < Prev 2 of 4 !!! Linen rum dan
On January 1 2018, Ameen
Company purchased major pleces of manufacturing equipment for a total of $70 million Ameen uses straight-line depreciation for financial
statement reporting and MACRS for Income tax reporting, At December 31, 2020, the book value of the equipment was $64 million and its tax basis was $54 million. At December 31, 2021, the book value of the equipment was 562 million and its tax basis was $47 million. There were no other temporary differences and no permanent differences Pretax accounting Income for 2021 was $35 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. Required 1 Required What is Ameen's 2021 net income? (Enter your answers in millions rounded to 2 decimal place de 10,000,000 should be entered as 10.00).) Net Income million < Required 1 Red