2935 Carrier Status Reporting tps:/ Check my work mode : This shows what is correct or incorrect for the work you have completed so far t does not indicete Southern Atlantic Distributors began o perations in January 2018 and purchased a delivery truck for $80000 Southern Atiantic plan use straight-line depreciation over a four-year expected useful life for financial reporting purposes. For tax purposes, the deducti is 50% of cost in 2018, 30% in 2019, and 20% in 2020 Pretax accounting income for 2018 was $440,000, which includes interest revenue of $45,000 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? 3 Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Calculation Required 1 GJ Required 2 Complete the following table given below to record income taxes in 2018. (Enter your anowers in theusands deducted should be indicated with a minus sign.) Tax S Recorded as 440 Pretax accounting income Permanent difference Income subject to taxation Temporary difference Income taxcable in current year 45) 119 Deferred tax labilily 6) Deferred tax lability 113 Income tax payable (200 , 375 x 30% 30% | Pre6of 12 l Next > search