Exercise $16-15($Algo$)$ Multiple differences; calculate taxable income; financial statement effects $[$LO$16-2,16-5]$

Southern Atlantic Distributors began operations in January $2024$ and purchased a delivery truck for $$40,000.$ Southern Atlantic plans to use straight$-$line depreciation over a four$-$year expected useful life for financial reporting purposes. For tax purposes, the deduction is $50\%$ of cost in $2024,30\%$ in $2025,$ and $20\%$ in $2026.$ Pretax accounting income for $2024$ was $$420,000,$ which includes interest revenue of $$56,000$ from municipal governmental bonds. The enacted tax rate is $25\%.$

Assuming no differences between accounting income and taxable income other than those described above: Required:

Complete the following table and prepare the journal entry to record income taxes in $2024.$

What is Southern Atlantic's $2024$ net income?

Complete this question by entering your answers in the tabs below.

$\backslash$table$[[\backslash$table$[[$Required $1],[$Calculation$]]\{$f$51591$e$85-$ffdd$-41$a$7-93$a$8-$d$3$fe$2$bad$4308\}$

$\backslash$table$[[$General$],[$Journal$]]$ Required $2]]$

Complete the following table to record income taxes in $2024.$

Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in whole dollars.

$\backslash$table$[[$Description$,$Amount,$,$Tax Rate,,Tax,Recorded as:$],[$Pretax accounting income,$$4,420,000,,,,],[$Permanent difference,,,,,,$],[$Income subject to taxation,$$420,000,,,,,],[$Temporary difference,,$,,=,,],[$Income taxable in current year,$$420,000,,,=,,]]$