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S_A_V [24]
3 years ago
11

On January 1, 2018, Ameen Company purchased major pieces of manufacturing equipment for a total of $54 million. Ameen uses strai

ght-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 $48 million. At December 31, 2021, the book value of the equipment was $40 million. There were no other temporary differences and no permanent differences. Pretax accounting income for 2021 was $68 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?

Business
1 answer:
Igoryamba3 years ago
4 0

Answer:

Answer for the question:

On January 1, 2018, Ameen Company purchased major pieces of manufacturing equipment for a total of $54 million. Ameen uses 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 $48 million. At December 31, 2021, the book value of the equipment was $40 million. There were no other temporary differences and no permanent differences. Pretax accounting income for 2021 was $68 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?

Is given in the attachment.

Explanation:

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In order to have a high confidence level in a customer survey, what should the sample size accurately reflect?
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In order to have a high confidence level in a customer survey, the sample size accurately reflects the entire population.

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1 year ago
This morning your manager asked you to complete a special task by this afternoon. While you are working on it, a customer asks y
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Ill ask for help from another coworker- if there was no one else available to help them I would help the customer if I am in that field


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2 years ago
Select three situations when an agency can perform a warrantless search.
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Exceptional Electronics began operations September 1, 2019. The firm sells its merchandise for cash and on open account. Sales a
Yuliya22 [10]

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Since there is not enough room here, I prepared the general ledger, the accounts receivable ledger and the schedule of accounts receivable in an excel spreadsheet (attached).    

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