On January 1, 2018, Ameen Company purchased major pieces of manufacturing equipment for a total of $62 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 $56 million and its tax basis was $46 million. At December 31, 2021, the book value of the equipment was $54 million and its tax basis was $39 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 2018 income taxes. Assume an income tax rate of 40%.(2) What is Ameen’s 2018 net income?

Problem 8-6 cullumber company is a multi product firm. presented below is information concerning one of its products, the hawkeye. date transaction quantity price/cost 1/1 beginning inventory 2,700 $17 2/4 purchase 3,700 26 2/20 sale 4,200 43 4/2 purchase 4,700 33 11/4 sale 3,900 47 calculate average-cost per unit. (round answer to 4 decimal places, e.g. 2.7613.) average-cost per unit $ link to text compute cost of goods sold, assuming cullumber uses: (round average cost per unit to 4 decimal places, e.g. 2.7631 and final answers to 0 decimal places, e.g. 6,548.) cost of goods sold (a) periodic system, fifo cost flow $ (b) perpetual system, fifo cost flow $ (c) periodic system, lifo cost flow $ (d) perpetual system, lifo cost flow $ (e) periodic system, weighted-average cost flow $ (f) perpetual system, moving-average cost flow $ click if you would like to show work for this question: open show work