Southern Corporation began operations in January 2019 and purchased a machine for $120,000 at that time. Southern uses straight-line depreciation over a four-year period for financial reporting purposes. For tax purposes, the deduction is 50% of cost in 2019, 30% in 2020, and 20% in 2021. Pretax accounting income for 2021 which is the THIRD year of using this machine is $140,000, which includes interest revenues of $20,000 from municipal bonds. In December 31, 2020 the enacted tax rate had been changed from 30% to 20% starting in2021. There are no other differences between accounting and taxable income.

Prepare the JE for 2021