Business, 23.10.2019 20:00 blackboy21

On january 1, 2013, ameen company purchased a building for $36 million. ameen uses straight-line depreciation for financial statement reporting and macrs for income tax reporting. at december 31, 2015, the book value of the building was $30 million and its tax basis was $20 million. at december 31, 2016, the book value of the building was $28 million and its tax basis was $13 million. there were no other temporary differences and no permanent differences. pretax accounting income for 2016 was $45 million. prepare the appropriate journal entry to record ameen’s 2016 income taxes. assume an income tax rate of 40%. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field. enter your answers in millions (i. e., 10,000,000 should be entered as

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On january 1, 2013, ameen company purchased a building for $36 million. ameen uses straight-line dep...

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