16 HW Saved Help Save & Exit Submit 4 Southern Atlantic Distributors began operations in January 2018 and purchased a delivery truck for $100,000. Southern Atlantic plans to use straight-line depreciation over a four-year expected useful life for financial reporting purposes. For tax purposes, the deduction is 40% of cost in 2018,30% in 2019, and 30% in 2020. Pretax accounting income for 2018 was $480,000, which includes interest revenue of $65,000 from municipal bonds. The enacted tax rate is 40% Assuming no differences between accounting income and taxable income other than those described above: Required: 1. Complete the following table given below and prepare the journal entry to record income taxes in 2018. 2. What is Southern Atlantic's 2018 net income? 02:59:49 Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 G Required 2 Complete the following table given below to record income taxes in 2018. (Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign.) Tax Rato % Tax $ Recorded as: $ 480 Protax accounting income Permanent difference Income subject to taxation Temporary difference 480 X Required 1 Calculation Required 1 G Required 2 Prepare the journal entry to record income taxes in 2018. (If no entry is required for a trans required" in the first account field. Enter your answers in thousands.) View transaction list Journal entry worksheet 1 Record 2018 income taxes. Note: Enter debits before credits. Event General Journal Debit Credit 1 Ch. 16 HWA Help Save Et Submit 4 Southern Atlantic Distributors began operations in January 2018 and purchased a delivery truck for $100,000. Southern Atlantic plans to use straight-line depreciation over a four-year expected useful life for financial reporting purposes. For tax purposes, the deduction is 40% of cost in 2018, 30% in 2019, and 30% in 2020. Pretax accounting income for 2018 was $480,000, which includes interest revenue of $65,000 from municipal bonds. The enacted tax rate is 40% Assuming no differences between accounting Income and taxable income other than those described above: Required: 1. Complete the following table given below and prepare the journal entry to record income taxes in 2018. 2. What is Southern Atlantic's 2018 net income? 02:58:56 Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 GJ Required 2 What is Southern Atlantic's 2018 net income? (Enter your answer in thousands) Net Income