Southern Atlantic Distributors began operations in January $2024$ and purchased a delivery truck for $$40,000.$ Southern Atlantic plans Prepare the journal entry to record income taxes in $2024.$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Enter your ansv

whole dollars.

Journal entry worksheet

$1$

Record $2024$ income taxes.

Note: Enter debits before credits. 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 $$520,000,$ which includes interest

revenue of $$60,000$ 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 $1$

Calculation

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

Note: Enter your answer in whole dollar.

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 $$520,000,$ which includes interest

revenue of $$60,000$ 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 $1$

Calculation

General

Journal

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.