Southern Atlantic Distributors began operations in January 2018 and purchased a delivery truck for $80,000. 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 2018, 30% in 2019, and 20% in 2020. Pretax accounting income for 2018 was $400.000, which includes interest revenue of $50,000 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 2018 2. What is Southern Atlantic's 2018 net income? Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 16) Required 2 Complete the following table given below to record income taxes in 2018. (Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign.) Tax Rate % Tax $ Recorded as: 400 Pretax accounting income Permanent difference Income subject to taxation 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 2018. 2. What is Southern Atlantic's 2018 net income? Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 G) Required 2 Complete the following table given below to record income taxes in 2018. (Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign.) Tax Rate % Tax Recorded as: $ 400 Pretax accounting income Permanent difference Income subject to taxation Temporary difference Income taxable in current year 400 x I $ 400 x ILI Required 1 GJ > Required 1 Calculation Required 1 G) Required 2 Prepare the journal entry to record income taxes in 2018. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Enter your answers in thousands.) View transaction list Journal entry worksheet Record 2018 income taxes. Note: Enter debits before credits Event General Journal Debit Credit 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 2018 2. What is Southern Atlantic's 2018 net income? Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 G) Required 2 What is Southern Atlantic's 2018 net income? (Enter your answer in thousands.) Net income
