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Exercise 16-15 (Algo) Multiple differences; calculate taxable income [LO16-2, 16-5] Southern Atlantic Distributors began operations...

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Exercise 16-15 (Algo) Multiple differences; calculate taxable income [LO16-2, 16-5] 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 $440,000, 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

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