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 50% of cost in 2024, 30% in 2025, and 20% in 2026. Pretax accounting income for 2024 was $240,000, 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 and prepare the journal entry to record income taxes in 2024. 2. What is Southern Atlantic's 2024 net income? Complete this question by entering your answers in the tabs below. Required 1 Calculation General Journal 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. Description Pretax accounting income Permanent difference Income subject to taxation Amount $ 240,000 Tax Rate = Temporary difference Income taxable in current year = = < Required 1 Calculation Tax Recorded as: General Journal > Required 1 Calculation General Journal Required 2 Prepare the journal entry to record income taxes in 2024. Note: 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 Journal entry worksheet 1 Record 2024 income taxes. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit View general journal Record entry Clear entry Required 1 Calculation General Journal Required 2 What is Southern Atlantic's 2024 net income? Note: Enter your answer in whole dollar. Net income < General Journal Required 2 >