On january 1, 2013, ameen company purchased a building for $76 million. ameen uses straight-line depreciation for financial statement reporting and macrs for income tax reporting. at december 31, 2017, the book value of the building was $70 million and its tax basis was $60 million. at december 31, 2018, the book value of the building was $68 million and its tax basis was $53 million. there were no other temporary differences and no permanent differences. pretax accounting income for 2018 was $55 million. requirement:
prepare the appropriate journal entry to record ameen’s 2016 income taxes. assume an income tax rate was 40%
what is ameen’s 2016 net income?
Answers: 2
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On january 1, 2013, ameen company purchased a building for $76 million. ameen uses straight-line dep...
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