Snipping.Tood......... Southern Atlantic Distributors began operations in January 2021 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 2021, 30% in 2022, and 20% in 2023. Pretax accounting income for 2021 was $240,000, which includes interest revenue of $36,000 from municipal governmental bonds. The enacted tax rate is 25%. Snipping Tool is moving.. Assuming no differences between accounting income and taxable income other than those described above: In a future update, Snipping Tool will be moving to a Required: new home. Try improved features and snip like usual 1. Complete the following table given below and prepare the journal entry to record income taxes in 2021. Windows logo key + Shift + S). 2. What is Southern Atlantic's 2021 net income? Try Snip & Sketch Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 GJ Required 2 Complete the following table given below to record income taxes in 2021. (Enter your answers in thousands (i.e., 5,500 should be entered as 5.5). Amounts to be deducted should be indicated with a minus sign.) Tax Rate % Tax $ Recorded as: $ 240 Pretax accounting income Permanent difference Income subject to taxation Temporary difference Income taxable in current year Complete the following table given below and prepare the journal entry to record income taxes in 2021. What is Southern Atlantic's 2021 net income? Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 GJ Required 2 Prepare the journal entry to record income taxes in 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) View transaction list Journal entry worksheet Record 2021 income taxes. Note: Enter debits before credits. Transaction General Journal Debit Credit is 50% of cost in 2021, 30% in 2022, and 20% in 2023. Pretax accounting income for 2021 was $240,000, which includes interest revenue of $36,000 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: 1. Complete the following table given below and prepare the journal entry to record income taxes in 2021. 2. What is Southern Atlantic's 2021 net income? Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 G3 Required 2 What is Southern Atlantic's 2021 net income? (Enter your answer in whole dollar.) Net income