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Southern Atlantic Distributors began operations in January 2021 and purchased a, delivery truck for $40,000. Southern Atlantic plans to use stralght-line depreciation over a four-year

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Southern Atlantic Distributors began operations in January 2021 and purchased a, delivery truck for $40,000. Southern Atlantic plans to use stralght-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 $380,000, which includes interest revenue of $44,000 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? Complete this question by entering your answers in the tabs below. Complete the following table aiven below to record income taxes in 2021. (Amounts to be deducted should be indicated with o minus sign, Enter vour answers in whole dollars.) Complete this question by entering your answers in the tabs below. Prepare the journal entry to record income taxes in 2021. (If no entry is require required" in the first account field. Enter your answers in whole dollars.) Journal entry worksheet Record 2021 income taxes. Note: Enter debits before credits. Complete this question by entering your answers in the What is Southern Atlantic's 2021 net income? (Enter your

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