Southern Atlantic Distributors began operations in January $2024$ and purchased a delivery truck for $$40,000.$ Southern Atlantic plans to use straight$-$line depreciation over a four$-$year expected useful life for financial reporting purposes. For tax purposes, the deduction is $40\%$ of cost in $2024,30\%$ in $2025,$ and $30\%$ in $2026.$ Pretax accounting income for $2024$ was $$480,000,$ which includes interest revenue of $$64,000$ 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$$s $2024$ net income?Southern Atlantic Distributors began operations in January $2024$ and purchased a delivery truck for $$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 $40\%$ of cost in $2024,30\%$ in $2025,$ and $30\%$ in $2026.$ Pretax accounting income for $2024$ was $$480,000,$ which includes interest

revenue of $$64,000$ 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?

Answer is not complete.

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Required $1$

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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.