Southern Atlantic Distributors began operations in January 2021 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 2021, 30% in 2022, and 20% in 2023. Pretax accounting income for 2021 was $280,000, which includes interest revenue of $36,000 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: 1. Complete the following table given below and prepare the journal entry to record income taxes in 2021. 2. What is Southern Atlantic's 2021 net income? Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 GJ Required 2 Complete the following table given below to record income taxes in 2021. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in whole dollars.) Tax Rate % Tax $ Recorded as: Pretax accounting income Permanent difference Income subject to taxation Temporary difference $ 280,000 $ (36,000) $ 244,000 X $ (10) X X 25% $ 61,000 $ (3) Income tax expense Deferred tax liability 25% Income taxable in current year $ 243,990 X 25% $ 60,998 Income tax payable Required 1 Calculation Required 1 GJ > Required 1 Calculation Required 1 G) Required 2 Prepare the journal entry to record income taxes in 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list View journal entry worksheet No General Journal Debit Credit Transaction 1 1 Income tax expense Deferred tax liability Income tax payable