Southern Atlantic Distributors began operations on January $2018$ and purchased a delivery truck for $$40,000.$ Southern Atlantic plans to use straight$-$line depreciations over a four$-$year expected useful life for financial reporting purposes. For tax purposes, the deduction is $50\%$ of cost in $2018,30\%$ in $2019,$ and $20\%$ in $2020.$ Pretax accounting income for $2018$ was $$300,000,$ which includes interest revenue of $$40,000$ from municipal bonds. The enacted tax rate is $40\%.$ Please show the figures necessary for each equation

Assuming no differences between accounting income and taxable income other than those described above

prepare the journal entry to record income taxes for $2018$

What is Southern Atlantic$$s $2018$ net income?