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Southem Atiantic 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

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Southem Atiantic 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 financlal 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 $400,000, which inclucles interest revenue of $48,000 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 Southeen Atlantic's 2021 net income? Complete this question by entering your answers in the tabs below. Complete the following table given below to record income taxes in 2021. (Amounts to be deducted shoukl be indicated with a mimis vigh, Enger your answers is whole dollarn.) Complete this question by entering your answers In the tabs below. Prepare the journal entry to record income taxes in 2021. (If no entry is required for a transaction/event, select "No Journal required" in the first account fleld. Enter your answers in whole doliars.) Journal entry worksheet 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 doduction is 50% of cost in 2021, 30% in 2022 , and 20% in 2023. Pretax accounting income for 2021 was $400,000, which includes interest revenue of $48,000 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 toble 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. What is Southern Arianticis 2021 net income? (tnser your dnswer in whoce tolar.)

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