Southern Atlantic Distributors began operations in January $2024$ and purchased a delivery truck for $$40,000.$ Southern Atlantic plans to use straight$-$line depreciation over a four$-$year expected useful life for financial reporting purposes. For tax purposes, the deduction is $50\%$ of cost in $2024,30\%$ in $2025,$ and $20\%$ in $2026.$ Pretax accounting income for $2024$ was $$500,000,$ which includes interest revenue of $$52,000$ 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.

Required $1$

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$,,$nount,$x,$Tax Rate,,,Tax,Recorded as:$],[$Pretax accounting income,$$,500,000,,,,],[$Permanent difference,$$,(20,000),,,,],[$Income subject to taxation,$$,480,000,x,25\%,=,$$$,120,000,$Income tax expense$],[$Temporary difference,$$,(6,000),x,25\%,=,$$$,(1,500),$Deferred tax liability$],[$Income taxable in current year,$$,474,000,x,25\%,=,$$$,118,500,$Income tax payable$]]$

please complete required #$1$ and #$2$