Southern Atlantic Distributors began operations in January 2013 and purchased a delivery truck for $100,000. 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 45% of cost in 2013, 30% in 2014, and 25% in 2015. Pretax accounting income for 2013 was $460,000, which includes interest revenue of $55,000 from municipal bonds. The enacted tax rate is 40%.

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 2013.

**The filled in parts of the table above are correct. I did part of the table myself**

2.	What is Southern Atlantics 2013 net income?

Southern Atlantic Distributors began operations in January 2013 and purchased a delivery truck for $100,000. 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 45% of cost in 2013, 30% in 2014, and 25% in 2015. Pretax accounting income for 2013 was $460,000, which includes interest revenue of $55,000 from municipal bonds. The enacted tax rate is 40%. 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 2013. **The filled in parts of the table above are correct. I did part of the table myself** 2. What is Southern Atlantic½s 2013 net income